Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | RANGE RESOURCES CORPORATION | |
Entity Central Index Key | 0000315852 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 259,794,788 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-12209 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 34-1312571 | |
Entity Address, Address Line One | 100 Throckmorton Street | |
Entity Address, Address Line Two | Suite 1200 | |
Entity Address, City or Town | Fort Worth | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76102 | |
City Area Code | 817 | |
Local Phone Number | 870-2601 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, (Par Value $0.01) | |
Trading Symbol | RRC | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 478 | $ 458 | |
Accounts receivable, less allowance for doubtful accounts of $393 and $3,004 | 366,695 | 252,642 | |
Derivative assets | 28,145 | 23,332 | |
Other current assets | 17,037 | 13,408 | |
Total current assets | 412,355 | 289,840 | |
Derivative assets | 25,518 | 16,680 | |
Natural gas properties, successful efforts method | [1] | 10,068,245 | 9,751,114 |
Accumulated depletion and depreciation | [1] | (4,330,289) | (4,064,305) |
Natural gas and oil properties, successful efforts method, net | [1] | 5,737,956 | 5,686,809 |
Other property and equipment | 74,167 | 79,878 | |
Accumulated depreciation and amortization | (70,734) | (75,717) | |
Other Property and equipment, net | 3,433 | 4,161 | |
Operating lease right-of-use assets | 46,543 | 63,581 | |
Other assets | 78,384 | 75,865 | |
Total assets | 6,304,189 | 6,136,936 | |
Current liabilities: | |||
Accounts payable | 151,919 | 132,421 | |
Asset retirement obligations | 6,689 | 6,689 | |
Accrued liabilities | 448,950 | 348,333 | |
Accrued interest | 43,514 | 54,742 | |
Derivative liabilities | 685,285 | 26,707 | |
Divestiture contract obligation | 92,061 | 92,593 | |
Current maturities of long-term debt | 217,909 | 45,356 | |
Total current liabilities | 1,646,327 | 706,841 | |
Bank debt | 23,976 | 693,123 | |
Senior notes | 2,706,495 | 2,329,745 | |
Senior subordinated notes | 0 | 17,384 | |
Deferred tax liabilities | 99,855 | 135,267 | |
Derivative liabilities | 85,436 | 9,746 | |
Deferred compensation liabilities | 112,235 | 81,481 | |
Operating lease liabilities | 27,839 | 43,155 | |
Asset retirement obligations and other liabilities | 86,247 | 91,157 | |
Divestiture contract obligation | 334,495 | 391,502 | |
Total liabilities | 5,122,905 | 4,499,401 | |
Commitments and contingencies | |||
Stockholders’ Equity | |||
Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding | 0 | 0 | |
Common stock, $0.01 par, 475,000,000 shares authorized, _______ issued at September 30, 2021 and 256,353,887 issued at December 31, 2020 | 2,598 | 2,563 | |
Common stock held in treasury, ______ shares at September 30, 2021 and 10,005,795 shares at December 31, 2020 | (30,007) | (30,132) | |
Additional paid-in capital | 5,707,382 | 5,684,268 | |
Accumulated other comprehensive loss | (268) | (479) | |
Retained deficit | (4,498,421) | (4,018,685) | |
Total stockholders’ equity | 1,181,284 | 1,637,535 | |
Total liabilities and stockholders’ equity | $ 6,304,189 | $ 6,136,936 | |
[1] | Includes capitalized asset retirement costs and the associated accumulated amortization. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts on accounts receivable | $ 373,000 | $ 3,004,000 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 259,787,004 | 256,353,887 |
Common stock held in treasury, shares | 10,002,646 | 10,005,795 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues and other income: | ||||
Total Revenues from Contracts with Customers | $ 954,859,000 | $ 424,035,000 | $ 2,323,175,000 | $ 1,267,629,000 |
Derivative fair value (loss) income | (652,220,000) | (124,690,000) | (959,782,000) | 102,182,000 |
Total revenues and other income | 302,639,000 | 299,345,000 | 1,363,393,000 | 1,369,811,000 |
Costs and expenses: | ||||
Production and ad valorem taxes | 7,140,000 | 6,106,000 | 20,179,000 | 20,682,000 |
Brokered natural gas and marketing | 105,838,000 | 47,967,000 | 247,177,000 | 118,752,000 |
Exploration | 5,881,000 | 8,086,000 | 16,447,000 | 23,190,000 |
Abandonment and impairment of unproved properties | 2,000,000 | 5,667,000 | 7,206,000 | 16,604,000 |
General and administrative | 49,061,000 | 38,153,000 | 127,307,000 | 118,695,000 |
Exit and termination costs | 11,789,000 | 521,633,000 | 9,557,000 | 533,525,000 |
Deferred compensation plan | 34,278,000 | 6,237,000 | 89,551,000 | 10,287,000 |
Interest | 56,809,000 | 47,999,000 | 170,974,000 | 144,141,000 |
Loss (gain) on early extinguishment of debt | 7,821,000 | 98,000 | (14,093,000) | |
Depletion, depreciation and amortization | 93,116,000 | 96,167,000 | 272,128,000 | 303,779,000 |
Impairment of proved properties and other assets | 0 | 1,955,000 | 0 | 78,955,000 |
(Gain) loss on the sale of assets | (78,000) | (9,230,000) | (724,000) | (112,443,000) |
Total costs and expenses | 682,589,000 | 1,084,644,000 | 1,871,237,000 | 2,149,766,000 |
Loss before income taxes | (379,950,000) | (785,299,000) | (507,844,000) | (779,955,000) |
Income tax expense (benefit): | ||||
Current | 4,484,000 | 0 | 7,221,000 | (366,000) |
Deferred | (34,167,000) | (36,509,000) | (35,477,000) | (29,411,000) |
Total (benefit) expense for income taxes | (29,683,000) | (36,509,000) | (28,256,000) | (29,777,000) |
Net loss | $ (350,267,000) | $ (748,790,000) | $ (479,588,000) | $ (750,178,000) |
Net loss per common share: | ||||
Basic | $ (1.44) | $ (3.12) | $ (1.98) | $ (3.10) |
Diluted | $ (1.44) | $ (3.12) | $ (1.98) | $ (3.10) |
Weighted average common shares outstanding: | ||||
Basic | 243,311 | 239,895 | 242,692 | 241,770 |
Diluted | 243,311 | 239,895 | 242,692 | 241,770 |
Natural Gas, NGLs and Oil Sales | ||||
Revenues and other income: | ||||
Total Revenues from Contracts with Customers | $ 849,305,000 | $ 381,553,000 | $ 2,074,507,000 | $ 1,162,907,000 |
Brokered Natural Gas, Marketing and Other | ||||
Revenues and other income: | ||||
Total Revenues from Contracts with Customers | 105,554,000 | 42,482,000 | 248,668,000 | 104,722,000 |
Direct Operating | ||||
Costs and expenses: | ||||
Costs and expenses | 20,245,000 | 19,515,000 | 57,653,000 | 75,944,000 |
Transportation, Gathering, Processing and Compression | ||||
Costs and expenses: | ||||
Costs and expenses | $ 296,510,000 | $ 268,108,000 | $ 853,684,000 | $ 831,748,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (350,267) | $ (748,790) | $ (479,588) | $ (750,178) |
Postretirement benefits: | ||||
Actuarial gain | 7 | |||
Amortization of prior service costs | 92 | 92 | 277 | 277 |
Income tax expense | (22) | (22) | (66) | (70) |
Total comprehensive income (loss) | $ (350,197) | $ (748,720) | $ (479,377) | $ (749,964) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income (loss) | $ (479,588,000) | $ (750,178,000) |
Adjustments to reconcile net income (loss) to net cash provided from operating activities: | ||
Deferred income tax (benefit) expense | (35,477,000) | (29,411,000) |
Depletion, depreciation and amortization and impairment of proved properties | 272,128,000 | 382,734,000 |
Abandonment and impairment of unproved properties | 7,206,000 | 16,604,000 |
Derivative fair value loss (income) | 959,782,000 | (102,182,000) |
Cash settlements on derivative financial instruments | (239,165,000) | 305,243,000 |
Divestiture contract obligation accretion, net of gain | 8,467,000 | 486,689,000 |
Allowance for bad debt | 0 | 400,000 |
Amortization of deferred financing costs and other | 6,253,000 | 5,023,000 |
Deferred and stock-based compensation | 119,946,000 | 38,380,000 |
Gain on the sale of assets | (724,000) | (112,443,000) |
Loss (gain) on early extinguishment of debt | 98,000 | (14,093,000) |
Changes in working capital: | ||
Accounts receivable | (116,204,000) | 91,343,000 |
Other current assets | (3,574,000) | (5,786,000) |
Accounts payable | 34,313,000 | (52,820,000) |
Accrued liabilities and other | (58,172,000) | (80,529,000) |
Net cash provided from operating activities | 475,289,000 | 178,974,000 |
Investing activities: | ||
Additions to natural gas properties | (311,709,000) | (321,849,000) |
Additions to field service assets | (720,000) | (2,493,000) |
Acreage purchases | (20,302,000) | (18,554,000) |
Proceeds from disposal of assets | 237,000 | 246,083,000 |
Purchases of marketable securities held by the deferred compensation plan | (24,396,000) | (14,855,000) |
Proceeds from the sales of marketable securities held by the deferred compensation plan | 27,974,000 | 20,974,000 |
Net cash used in investing activities | (328,916,000) | (90,694,000) |
Financing activities: | ||
Borrowings on credit facilities | 1,250,000,000 | 1,676,000,000 |
Repayments on credit facilities | (1,922,000,000) | (1,447,000,000) |
Issuance of senior notes | 600,000,000 | 850,000,000 |
Repayment of senior or senior subordinated notes | (63,324,000) | (1,120,634,000) |
Treasury stock purchases | 0 | (22,992,000) |
Debt issuance costs | (8,799,000) | (12,735,000) |
Taxes paid for shares withheld | (9,267,000) | (2,841,000) |
Change in cash overdrafts | 1,515,000 | (8,797,000) |
Proceeds from the sales of common stock held by the deferred compensation plan | 5,522,000 | 690,000 |
Net cash (used in) provided from financing activities | (146,353,000) | (88,309,000) |
Increase in cash and cash equivalents | 20,000 | (29,000) |
Cash and cash equivalents at beginning of period | 458,000 | 546,000 |
Cash and cash equivalents at end of period | $ 478,000 | $ 517,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common stock held in treasury | Additional paid-in capital | Retained deficit | Accumulated other comprehensive loss |
Beginning balance at Dec. 31, 2019 | $ 2,347,488 | $ 2,514 | $ (7,236) | $ 5,659,832 | $ (3,306,834) | $ (788) |
Beginning balance Shares at Dec. 31, 2019 | 251,439,000 | |||||
Issuance of common stock | (1,364) | $ 42 | 0 | (1,406) | 0 | 0 |
Issuance of common stock, shares | 4,246,000 | |||||
Stock-based compensation expense | 5,963 | $ 0 | 0 | 5,963 | 0 | 0 |
Treasury stock | (22,547) | 0 | (22,514) | (33) | 0 | 0 |
Other comprehensive income | 73 | 0 | 0 | 0 | 0 | 73 |
Net income (loss) | 166,195 | 0 | 0 | 0 | 166,195 | 0 |
Ending balance at Mar. 31, 2020 | 2,495,808 | $ 2,556 | (29,750) | 5,664,356 | (3,140,639) | (715) |
Ending balance Shares at Mar. 31, 2020 | 255,685,000 | |||||
Beginning balance at Dec. 31, 2019 | 2,347,488 | $ 2,514 | (7,236) | 5,659,832 | (3,306,834) | (788) |
Beginning balance Shares at Dec. 31, 2019 | 251,439,000 | |||||
Net income (loss) | (750,178) | |||||
Ending balance at Sep. 30, 2020 | 1,593,968 | $ 2,562 | (30,131) | 5,679,197 | (4,057,086) | (574) |
Ending balance Shares at Sep. 30, 2020 | 256,232,000 | |||||
Beginning balance at Dec. 31, 2019 | 2,347,488 | $ 2,514 | (7,236) | 5,659,832 | (3,306,834) | (788) |
Beginning balance Shares at Dec. 31, 2019 | 251,439,000 | |||||
Ending balance at Dec. 31, 2020 | $ 1,637,535 | $ 2,563 | (30,132) | 5,684,268 | (4,018,685) | (479) |
Ending balance Shares at Dec. 31, 2020 | 256,353,887 | 256,354,000 | ||||
Beginning balance at Mar. 31, 2020 | $ 2,495,808 | $ 2,556 | (29,750) | 5,664,356 | (3,140,639) | (715) |
Beginning balance Shares at Mar. 31, 2020 | 255,685,000 | |||||
Issuance of common stock | 858 | $ 4 | 0 | 854 | 0 | 0 |
Issuance of common stock, shares | 376,000 | |||||
Issuance of common stock upon vesting of PSUs | 0 | $ 0 | 0 | 74 | (74) | 0 |
Issuance of common stock upon vesting of PSUs, shares | 19,000 | |||||
Stock-based compensation expense | 7,312 | $ 0 | 0 | 7,312 | 0 | 0 |
Treasury stock | (444) | 0 | (444) | 0 | 0 | 0 |
Other comprehensive income | 71 | 0 | 0 | 0 | 0 | 71 |
Net income (loss) | (167,583) | 0 | 0 | 0 | (167,583) | 0 |
Ending balance at Jun. 30, 2020 | 2,336,022 | $ 2,560 | (30,194) | 5,672,596 | (3,308,296) | (644) |
Ending balance Shares at Jun. 30, 2020 | 256,080,000 | |||||
Issuance of common stock | 75 | $ 2 | 0 | 73 | 0 | 0 |
Issuance of common stock, shares | 152,000 | |||||
Stock-based compensation expense | 6,591 | $ 0 | 0 | 6,591 | 0 | 0 |
Treasury stock | 0 | 0 | 63 | (63) | 0 | 0 |
Other comprehensive income | 70 | 0 | 0 | 0 | 0 | 70 |
Net income (loss) | (748,790) | 0 | 0 | 0 | (748,790) | 0 |
Ending balance at Sep. 30, 2020 | 1,593,968 | $ 2,562 | (30,131) | 5,679,197 | (4,057,086) | (574) |
Ending balance Shares at Sep. 30, 2020 | 256,232,000 | |||||
Beginning balance at Dec. 31, 2020 | $ 1,637,535 | $ 2,563 | (30,132) | 5,684,268 | (4,018,685) | (479) |
Beginning balance Shares at Dec. 31, 2020 | 256,353,887 | 256,354,000 | ||||
Issuance of common stock | $ (7,621) | $ 33 | 0 | (7,654) | 0 | 0 |
Issuance of common stock, shares | 3,218,000 | |||||
Issuance of common stock upon vesting of PSUs | 0 | $ 0 | 0 | 148 | (148) | 0 |
Stock-based compensation expense | 6,713 | 0 | 0 | 6,713 | 0 | 0 |
Treasury stock | 0 | 0 | 47 | (47) | 0 | 0 |
Other comprehensive income | 70 | 0 | 0 | 0 | 0 | 70 |
Net income (loss) | 27,151 | 0 | 0 | 0 | 27,151 | 0 |
Ending balance at Mar. 31, 2021 | 1,663,848 | $ 2,596 | (30,085) | 5,683,428 | (3,991,682) | (409) |
Ending balance Shares at Mar. 31, 2021 | 259,572,000 | |||||
Beginning balance at Dec. 31, 2020 | $ 1,637,535 | $ 2,563 | (30,132) | 5,684,268 | (4,018,685) | (479) |
Beginning balance Shares at Dec. 31, 2020 | 256,353,887 | 256,354,000 | ||||
Net income (loss) | $ (479,588) | |||||
Ending balance at Sep. 30, 2021 | $ 1,181,284 | $ 2,598 | (30,007) | 5,707,382 | (4,498,421) | (268) |
Ending balance Shares at Sep. 30, 2021 | 259,787,004 | 259,787,000 | ||||
Beginning balance at Mar. 31, 2021 | $ 1,663,848 | $ 2,596 | (30,085) | 5,683,428 | (3,991,682) | (409) |
Beginning balance Shares at Mar. 31, 2021 | 259,572,000 | |||||
Issuance of common stock | 9,291 | $ 2 | 0 | 9,289 | 0 | 0 |
Issuance of common stock, shares | 206,000 | |||||
Stock-based compensation expense | 6,523 | $ 0 | 0 | 6,523 | 0 | 0 |
Treasury stock | 0 | 0 | 0 | 0 | 0 | 0 |
Other comprehensive income | 71 | 0 | 0 | 0 | 0 | 71 |
Net income (loss) | (156,472) | 0 | 0 | 0 | (156,472) | 0 |
Ending balance at Jun. 30, 2021 | 1,523,261 | $ 2,598 | (30,085) | 5,699,240 | (4,148,154) | (338) |
Ending balance Shares at Jun. 30, 2021 | 259,778,000 | |||||
Issuance of common stock | 754 | $ 0 | 0 | 754 | 0 | 0 |
Issuance of common stock, shares | 9,000 | |||||
Stock-based compensation expense | 7,466 | $ 0 | 0 | 7,466 | 0 | 0 |
Treasury stock | 0 | 0 | 78 | 78 | 0 | 0 |
Other comprehensive income | 70 | 0 | 0 | 0 | 0 | 70 |
Net income (loss) | (350,267) | 0 | 0 | 0 | (350,267) | 0 |
Ending balance at Sep. 30, 2021 | $ 1,181,284 | $ 2,598 | $ (30,007) | $ 5,707,382 | $ (4,498,421) | $ (268) |
Ending balance Shares at Sep. 30, 2021 | 259,787,004 | 259,787,000 |
Summary of Organization and Nat
Summary of Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2021 | |
Industry Specific Policies [Abstract] | |
Summary of Organization and Nature of Business | (1) SUMMARY OF ORGANIZATION AND NATURE OF BUSINESS Range Resources Corporation is a Fort Worth, Texas-based independent natural gas, natural gas liquids (NGLs) and oil company engaged in the exploration, development and acquisition of natural gas properties in the Appalachian region of the United States. Our objective is to build stockholder value through returns-focused development of natural gas properties. Range is a Delaware corporation with our common stock listed and traded on the New York Stock Exchange under the symbol “RRC.” |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | (2) BASIS OF PRESENTATION These consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair statement of the results for the periods reported. All adjustments are of a normal recurring nature unless otherwise disclosed. These consolidated financial statements, including selected notes, have been prepared in accordance with the applicable rules of the Securities Exchange Commission (the SEC) and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K filed with the SEC on February 23, 2021. The results of operations for third quarter and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year. As more fully described in Note 2 and Note 18 of our 2020 Annual Report on Form 10-K filed with the SEC, deferred tax expense (benefit) for the first, second and third quarters 2020 was corrected through a restatement. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | (3) NEW ACCOUNTING STANDARDS Not Yet Adopted None that are expected to have a material impact on our financial statements. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Dispositions | (4) DISPOSITIONS We recognized a pretax net gain of $ 78,000 on the sale of assets in third quarter 2021 compared to a pretax net loss of $ 9.2 million in third quarter 2020 and a pretax net gain of $ 724,000 in first nine months 2021 compared to a pretax net gain of $ 112.4 million in first nine months 2020. See discussion below for further details. 2021 Dispositions North Louisiana . In second quarter 2021, we recorded an additional gain on the sale of our North Louisiana assets, which closed in third quarter 2020, of $ 2.4 million, which is primarily related to final closing adjustments. In first quarter 2021, we recorded an additional loss on the sale of these North Louisiana assets of $ 1.9 million. 2020 Dispositions North Louisiana. In August 2020, we completed the sale of our North Louisiana assets for total consideration having an estimated fair value of $ 260.0 million. This estimated fair value reflected (i) cash proceeds of $ 245.0 million, before normal closing adjustments and (ii) $ 15.0 million in contingent consideration which represents the estimated fair value, on August 14, 2020, of the contingent consideration we are entitled to receive in the future should certain commodity price thresholds be met. We recorded a pretax loss of $ 8.1 million, after closing adjustments, in third quarter 2020. Divestiture contingent consideration. We are entitled to receive contingent consideration, annually through 2023, based on future achievement of certain natural gas and oil prices based on published indexes along with the realized NGLs price of the buyer. The fair value of the contingent consideration is classified as current and noncurrent derivative asset on our consolidated balance sheet. We revalue the contingent consideration each reporting period, with any valuation changes being recorded as derivative fair value income or loss in our consolidated statements of operations. See also Note 11 for additional information. Divestiture contract obligation. As part of the sale of our North Louisiana assets, we retained certain midstream gathering, transportation and processing obligations through 2030. The divestiture contract obligation is included in current or non-current liabilities in our consolidated balance sheet based on the forecasted timing of payments. These costs are recognized in exit and termination costs in our consolidated statements of operations. See also Note 14 for additional information. Pennsylvania . In first quarter 2020, we completed the sale of our shallow legacy assets in northwestern Pennsylvania for proceeds of $ 1.0 million. Based upon the receipt of approval from state governmental authorities of a change in operatorship during first quarter, we recognized a pretax gain of $ 122.5 million primarily due to the elimination of the asset retirement obligation associated with these properties. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | (5) REVENUES FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue We have three material revenue streams in our business: natural gas sales, NGLs sales and condensate sales (referred to below as oil sales). Brokered revenue attributable to each product sales type is included here because the volume of product that we purchase is subsequently sold to separate counterparties in accordance with existing sales contracts under which we also sell our production. Accounts receivable attributable to our revenue contracts with customers was $ 361.9 million at September 30, 2021 and $ 237.8 million at December 31, 2020. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Natural gas sales $ 494,917 $ 211,638 $ 1,152,283 $ 679,094 NGLs sales 309,232 149,263 795,173 416,885 Oil sales 45,156 20,652 127,051 66,928 Total natural gas, NGLs and oil sales 849,305 381,553 2,074,507 1,162,907 Sales of purchased natural gas 101,095 39,180 231,335 94,364 Sales of purchased NGLs 2,764 1,084 3,912 3,230 Other marketing revenue (1) 1,695 2,218 13,421 7,128 Total $ 954,859 $ 424,035 $ 2,323,175 $ 1,267,629 (1) The nine months ended September 30, 2021 includes $ 8.8 million received as part of a capacity release agreement. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) INCOME TAXES We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make comparisons not meaningful. The effective income tax rate is influenced by a variety of factors including geographic sources and relative magnitude of these sources of income. Income taxes for discrete items are computed and recorded in the period that a specific transaction occurs. For the three months and nine months ended September 30, 2021 and 2020, our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes, equity compensation, valuation allowances and other tax items. Current income taxes reflect estimated state income taxes due for 2021 which is based on our estimated earnings, taking into account state tax rates and laws regarding NOL limitations. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Common Share | (7) INCOME (LOSS) PER COMMON SHARE Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net loss, as reported $ ( 350,267 ) $ ( 748,790 ) $ ( 479,588 ) $ ( 750,178 ) Participating earnings (a) — — — — Basic net loss attributed to common shareholders ( 350,267 ) ( 748,790 ) ( 479,588 ) ( 750,178 ) Reallocation of participating earnings (a) — — — — Diluted net loss attributed to common $ ( 350,267 ) $ ( 748,790 ) $ ( 479,588 ) $ ( 750,178 ) Net loss per common share: Basic $ ( 1.44 ) $ ( 3.12 ) $ ( 1.98 ) $ ( 3.10 ) Diluted $ ( 1.44 ) $ ( 3.12 ) $ ( 1.98 ) $ ( 3.10 ) (a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Weighted average common shares outstanding – basic and diluted 243,311 239,895 242,692 241,770 Weighted average common shares outstanding-basic for third quarter 2021 excludes 6.5 million shares of restricted stock held in our deferred compensation plan compared to 6.2 million shares in third quarter 2020 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding-basic for first nine months 2021 excludes 6.6 million shares of restricted stock compared to 5.3 million for first nine months 2020. Due to our net loss for third quarter and first nine months 2021 and 2020, we excluded all equity-grants from the computation of diluted loss per share because the effect would have been anti-dilutive to the computations. |
Capitalized Costs and Accumulat
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | 9 Months Ended |
Sep. 30, 2021 | |
Extractive Industries [Abstract] | |
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | (8) Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a) September 30, December 31, (in thousands) Natural gas properties: Properties subject to depletion $ 9,203,586 $ 8,891,348 Unproved properties 864,659 859,766 Total 10,068,245 9,751,114 Accumulated depletion and depreciation ( 4,330,289 ) ( 4,064,305 ) Net capitalized costs $ 5,737,956 $ 5,686,809 (a) Includes capitalized asset retirement costs and the associated accumulated amortization. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Indebtedness | (9) INDEBTEDNESS We had the following debt outstanding as of the dates shown below (bank debt interest rate at September 30, 2021 is shown parenthetically). No interest was capitalized during the nine months ended September 30, 2021 or the year ended December 31, 2020 (in thousands). September 30, December 31, Bank debt ( 2.4 %) $ 30,000 $ 702,000 Senior notes: 4.875 % senior notes due 2025 750,000 750,000 5.00 % senior notes due 2022 169,589 169,589 5.00 % senior notes due 2023 532,335 532,335 5.75 % senior notes due 2021 — 25,496 5.875 % senior notes due 2022 48,528 48,528 8.25 % senior notes due 2029 600,000 — 9.25 % senior notes due 2026 850,000 850,000 Other senior notes due 2022 — 490 Total senior notes 2,950,452 2,376,438 Senior subordinated notes: 5.00 % senior subordinated notes due 2022 — 9,730 5.00 % senior subordinated notes due 2023 — 7,712 5.75 % senior subordinated notes due 2021 — 19,896 Total senior subordinated notes — 37,338 Total debt 2,980,452 3,115,776 Unamortized premium 254 457 Unamortized debt issuance costs ( 32,326 ) ( 30,625 ) Total debt net of debt issuance costs 2,948,380 3,085,608 Less current maturities of long-term debt ( 217,909 ) ( 45,356 ) Total long-term debt $ 2,730,471 $ 3,040,252 Bank Debt In April 2018, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets and has a maturity date of April 13, 2023 . The bank credit facility provides for a maximum facility amount of $ 4.0 billion and an initial borrowing base of $ 3.0 billion. The bank credit facility also provides for a borrowing base subject to periodic redeterminations and for event-driven unscheduled redeterminations. As of September 30, 2021, our bank group was composed of twenty-five financial institutions. The borrowing base may be increased or decreased based on our request and sufficient proved reserves, as determined by the bank group. The commitment amount may be increased to the borrowing base, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase. Borrowings under the bank credit facility can either be at the alternate base rate (ABR, as defined in the bank credit facility agreement) plus a spread ranging from 0.25 % to 1.25 % or LIBOR borrowings at the LIBOR Rate (as defined in the bank credit facility agreement) plus a spread ranging from 1.25 % to 2.25 %. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our LIBOR loans to base rate loans or to convert all or any of the base rate loans to LIBOR loans. The weighted average interest rate was 2.0 % for third quarter 2021 compared to 2.4 % for third quarter 2020. The weighted average interest rate was 2.1 % for first nine months 2021 compared to 2.7 % for first nine months 2020. A commitment fee is paid on the undrawn balance based on an annual rate of 0.30 % to 0.375 %. At September 30, 2021, the commitment fee was 0.30 % and the interest rate margin was 1.75 % on our LIBOR loans and 0.75 % on our ABR loans. As part of our redetermination completed in September 2021, our borrowing base was reaffirmed for $ 3.0 billion and our bank commitment was also reaffirmed at $ 2.4 billion. On September 30, 2021, bank commitments totaled $ 2.4 billion and the outstanding balance under our bank credit facility was $ 30.0 million, before deducting debt issuance costs. Additionally, we had $ 334.6 million of undrawn letters of credit, leaving $ 2.0 billion of committed borrowing capacity available under the facility. New Senior Notes In January 2021, we issued $ 600.0 million aggregate principal amount of 8.25 % senior notes due 2029 (the 8.25% Notes) for net proceeds of $ 590.8 million after underwriting expenses and commissions of $ 9.2 million. The notes were issued at par. The 8.25% Notes were offered to qualified institutional buyers and to non-U.S. persons outside the United States in compliance with Rule 144A and Regulation S of the Securities Act of 1933, as amended (the Securities Act). Interest due on the 8.25% Notes is payable semi-annually in January and July and is unconditionally guaranteed on a senior unsecured basis by all of our subsidiary guarantors. On or after January 15, 2027, we may redeem the 8.25% Notes, in whole or in part and from time to time, at 100 % of the principal amounts plus accrued and unpaid interest. We may redeem the notes prior to their maturity at redemption prices based on a premium, plus accrued and unpaid interest as described in the indenture governing the 8.25% Notes. Upon occurrence of certain changes in control, we must offer to repurchase the 8.25% Notes. The 8.25% Notes are unsecured and are subordinated to all of our existing and future secured debt, rank equally with all of our existing and future unsecured debt and rank senior to all of our existing and future subordinated debt. On the closing of the issuance of the 8.25% Notes, we used the proceeds to repay borrowings under our bank credit facility. Early Redemption In first quarter 2021, based on the terms of the indentures governing certain of our senior and senior subordinated notes, we notified the trustee that we were electing to redeem the outstanding principal amounts of the following notes (in thousands): Outstanding 5.75% senior notes due 2021 $ 25,496 5.875% senior notes due 2022 $ 490 5.75% senior subordinated notes 2021 $ 19,896 5.00% senior subordinated notes 2022 $ 9,730 5.00% senior subordinated notes 2023 $ 7,712 The redemption price equaled 100 % of the unpaid principal plus accrued and unpaid interest. The redemption date was April 2, 2021. We recognized a loss on early extinguishment of debt in second quarter 2021 of approximately $ 63,000 which represents expensing of the remaining deferred financing costs. Senior Notes If we experience a change of control, noteholders may require us to repurchase all or a portion of our senior notes at 101 % of the aggregate principal amount plus accrued and unpaid interest, if any. Guarantees Range is a holding company which owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries, which are directly or indirectly owned by Range, of our senior notes and our bank credit facility are full and unconditional and joint and several, subject to certain customary release provisions. The assets, liabilities and results of operations of Range and our guarantor subsidiaries are not materially different than our consolidated financial statements. A subsidiary guarantor may be released from its obligations under the guarantee: in the event of a sale or other disposition of all or substantially all of the assets of the subsidiary guarantor or a sale or other disposition of all the capital stock of the subsidiary guarantor, to any corporation or other person (including an unrestricted subsidiary of Range) by way of merger, consolidation, or otherwise; or if Range designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the terms of the indenture. Debt Covenants Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate or make certain investments. In addition, we are required to maintain a ratio of EBITDAX (as defined in the bank credit facility agreement) to cash interest expense of equal to or greater than 2.5 and a current ratio (as defined in the bank credit facility agreement) of no less than 1.0 . In addition, the ratio of the present value of proved reserves (as defined in the bank credit facility agreement) to total debt must be equal to or greater than 1.5 until Range has two investment grade ratings. We were in compliance with applicable covenants under the bank credit facility at September 30, 2021. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | (10) ASSET RETIREMENT OBLIGATIONS Our asset retirement obligations primarily represent the estimated present value of the amounts we will incur to plug, abandon and remediate our producing properties at the end of their productive lives. Significant inputs used in determining such obligations include estimates of plugging and abandonment costs, estimated future inflation rates and well lives. The inputs are calculated based on historical data as well as current estimated costs. A reconciliation of our liability for plugging and abandonment costs for the nine months ended September 30, 2021 and the year ended December 31, 2020 is as follows (in thousands): Nine Months Year Beginning of period $ 79,822 $ 251,076 Liabilities incurred 88 1,483 Acquisitions — 123 Liabilities settled ( 5,719 ) ( 4,634 ) Disposition of wells — ( 176,748 ) Accretion expense 4,257 7,518 Change in estimate 2,856 1,004 End of period 81,304 79,822 Less current portion ( 6,689 ) ( 6,689 ) Long-term asset retirement obligations $ 74,615 $ 73,133 Accretion expense is recognized as a component of depreciation, depletion and amortization expense in the accompanying consolidated statements of operations. |
Derivative Activities
Derivative Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Activities | (11) DERIVATIVE ACTIVITIES We use commodity-based derivative contracts to manage exposure to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. We utilize commodity swaps, calls, collars, three-way collars or swaptions to (1) reduce the effect of price volatility of the commodities we produce and sell and (2) support our annual capital budget and expenditure plans. The fair value of our derivative contracts, represented by the estimated amount that would be realized upon termination, based on a comparison of the contract price and a reference price, generally the New York Mercantile Exchange (NYMEX) for natural gas and crude oil or Mont Belvieu for NGLs, approximated a net loss of $ 776.1 million at September 30, 2021. These contracts expire monthly through December 2023. The following table sets forth our commodity-based derivative volumes by year as of September 30, 2021, excluding our basis and freight swaps and divestiture contingent consideration which are discussed separately below: Period Contract Type Volume Hedged Weighted Average Hedge Price Swap Sold Put Floor Ceiling Natural Gas (1) 2021 Swaps 583,152 Mmbtu/day $ 2.84 2021 Collars 227,391 Mmbtu/day $ 2.87 $ 3.42 2021 Three-way Collars 339,457 Mmbtu/day $ 2.26 $ 2.62 $ 3.04 2022 Swaps 382,329 Mmbtu/day $ 3.11 2022 Collars 213,438 Mmbtu/day $ 3.26 $ 3.70 2022 Three-way Collars 251,781 Mmbtu/day $ 2.37 $ 3.03 $ 3.77 January - March 2022 Calls 80,000 Mmbtu/day $ 6.02 2023 Swaps 60,000 Mmbtu/day $ 3.27 Crude Oil 2021 Swaps 7,500 bbls/day $ 56.92 2022 Swaps 5,811 bbls/day $ 59.59 2023 Swaps 500 bbls/day $ 63.50 NGLs (C3-Propane) 2021 Swaps 6,000 bbls/day $ 1.17 /gallon 2021 Collars 4,000 bbls/day $ 1.00 /gallon $ $ 1.20 /gallon NGLs (NC4-Normal Butane) 2021 Swaps 2,663 bbls/day $ 1.17 /gallon 2021 Collars 2,000 bbls/day $ 1.00 /gallon $ 1.20 /gallon NGLs (C5-Natural Gasoline) 2021 Swaps 2,000 bbls/day $ 1.41 /gallon 2021 Collars 3,000 bbls/day $ 1.35 /gallon $ 1.55 /gallon January - March 2022 Swaps 2,656 bbls/day $ 1.59 /gallon January - March 2022 Collars 2,000 bbls/day $ 1.45 /gallon $ 1.60 /gallon (1) We also sold natural gas call swaptions of 80,000 Mmbtu/day for 2022 at a weighted average price of $ 2.80 and 70,000 Mmbtu/day for 2023 at a weighted average price of $3.04 . Every derivative instrument is required to be recorded on the balance sheet as either an asset or a liability measured at its fair value. We recognize all changes in fair value of these derivatives as earnings in derivative fair value income or loss in the periods in which they occur. Basis Swap Contracts In addition to the swaps, collars and swaptions described above, at September 30, 2021, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices. These contracts settle monthly through December 2024 and include a total volume of 204,967,500 Mmbtu. The fair value of these contracts was a gain of $ 8.5 million at September 30, 2021. At September 30, 2021, we also had propane spread swap contracts which lock in the differential between Mont Belvieu and international propane indices. The contracts settle monthly through 2022. The fair value of these contracts was a gain of $ 394,000 at September 30, 2021. Freight Swap Contracts In connection with our international propane sales, we utilize propane swaps. To further hedge our propane price, at September 30, 2021, we had freight swap contracts on the Baltic Exchange which lock in the freight rate for a specific trade route. These contracts settle monthly and cover 12,000 metric tons for the remainder of 2021 and cover 7,000 metric tons for first quarter 2022. The fair value of these contracts equal to a loss of $ 26,000 at September 30, 2021. Divestiture Contingent Consideration In addition to the derivatives described above, our right to receive contingent consideration in conjunction with the sale of our North Louisiana assets was determined to be a derivative financial instrument that is not designated as a hedging instrument. The remaining contingent consideration of up to $ 75.0 million is based on future achievement of natural gas and oil prices based on published indexes and realized NGLs prices of the buyer for the years 2021, 2022 and 2023. All changes in the fair value are recognized as a gain or loss in earnings in the period they occur in derivative fair value income or loss in our consolidated statements of operations. For first nine months 2021, this fair value has increased $ 34.3 million for a fair value of $ 50.2 million as of September 30, 2021. Derivative Assets and Liabilities The combined fair value of derivatives included in the accompanying consolidated balance sheets as of September 30, 2021 and December 31, 2020 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands): September 30, 2021 Gross Gross Net Amounts Derivative assets: Natural gas –swaps $ 5,574 $ ( 5,574 ) $ — –collars 193 ( 193 ) — –three-way collars 2 ( 2 ) — –basis swaps 15,633 ( 12,187 ) 3,446 Crude oil –swaps 10 ( 10 ) — NGLs –C3 propane spread swaps 8,367 ( 8,367 ) — −C5 natural gasoline swaps 17 ( 17 ) — Freight −swaps 27 ( 30 ) ( 3 ) Divestiture contingent consideration 50,220 — 50,220 $ 80,043 $ ( 26,380 ) $ 53,663 September 30, 2021 Gross Gross Net Amounts Derivative (liabilities): Natural gas –swaps $ ( 359,243 ) $ 5,574 $ ( 353,669 ) –swaptions ( 60,132 ) — ( 60,132 ) –collars ( 93,418 ) 193 ( 93,225 ) –three-way collars ( 200,479 ) 2 ( 200,477 ) –calls ( 10,018 ) — ( 10,018 ) –basis swaps ( 7,160 ) 12,187 5,027 Crude oil –swaps ( 34,274 ) 10 ( 34,264 ) NGLs –C3 propane spread swaps ( 7,973 ) 8,367 394 –C3 propane swaps ( 6,140 ) — ( 6,140 ) –C3 collars ( 3,787 ) — ( 3,787 ) –NC4 butane swaps ( 3,991 ) — ( 3,991 ) –NC4 butane collars ( 2,797 ) — ( 2,797 ) –C5 natural gasoline swaps ( 3,908 ) 17 ( 3,891 ) –C5 natural gasoline collars ( 3,728 ) — ( 3,728 ) Freight –swaps ( 53 ) 30 ( 23 ) $ ( 797,101 ) $ 26,380 $ ( 770,721 ) December 31, 2020 Gross Gross Amounts Net Amounts of Derivative assets: Natural gas –swaps $ 33,559 $ ( 16,821 ) $ 16,738 –collars 7,016 ( 2,329 ) 4,687 –three-way collars 535 ( 6,139 ) ( 5,604 ) –basis swaps 7,894 ( 3,502 ) 4,392 Crude oil –swaps 2,465 ( 829 ) 1,636 NGLs –C3 propane spread swaps 4,863 ( 4,863 ) — –C3 propane collars — ( 107 ) ( 107 ) Freight –swaps 2,310 — 2,310 Divestiture contingent consideration 15,960 — 15,960 $ 74,602 $ ( 34,590 ) $ 40,012 December 31, 2020 Gross Gross Amounts Net Amounts of Derivative (liabilities): Natural gas –swaps $ ( 10,120 ) $ 16,821 $ 6,701 –swaptions ( 9,803 ) — ( 9,803 ) –collars — 2,329 2,329 –three-way collars ( 18,353 ) 6,139 ( 12,214 ) –basis swaps ( 4,197 ) 3,502 ( 695 ) Crude oil –swaps ( 5,471 ) 829 ( 4,642 ) NGLs –C3 propane spread swaps ( 4,069 ) 4,863 794 –C3 propane swaps ( 8,243 ) — ( 8,243 ) –C3 propane collars ( 3,086 ) 107 ( 2,979 ) –C5 natural gasoline swaps ( 4,897 ) — ( 4,897 ) –C5 natural gasoline calls ( 546 ) — ( 546 ) –NC4 butane swaps ( 651 ) — ( 651 ) –NC4 butane collars ( 401 ) — ( 401 ) Freight –swaps ( 1,206 ) — ( 1,206 ) $ ( 71,043 ) $ 34,590 $ ( 36,453 ) The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands): Derivative Fair Value (Loss) Income Three Months Ended Nine Months Ended 2021 2020 2021 2020 Commodity swaps $ ( 332,855 ) $ ( 91,425 ) $ ( 558,186 ) $ 142,413 Swaptions ( 33,718 ) ( 14,166 ) ( 50,329 ) ( 15,520 ) Three-way collars ( 173,344 ) ( 20,705 ) ( 226,176 ) ( 38,267 ) Collars ( 106,340 ) ( 16,893 ) ( 158,562 ) ( 14,336 ) Calls ( 10,018 ) ( 255 ) ( 10,793 ) ( 12 ) Basis swaps ( 8,469 ) 15,587 11,054 31,750 Freight swaps ( 346 ) 2,737 ( 1,050 ) ( 4,276 ) Divestiture contingent consideration 12,870 430 34,260 430 Total $ ( 652,220 ) $ ( 124,690 ) $ ( 959,782 ) $ 102,182 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (12) FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three approaches for measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach, each of which includes multiple valuation techniques. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to measure fair value by converting future amounts, such as cash flows or earnings, into a single present value amount using current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace the service capacity of an asset. This is often referred to as current replacement cost. The cost approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence. The fair value accounting standards do not prescribe which valuation technique should be used when measuring fair value and does not prioritize among the techniques. These standards establish a fair value hierarchy that prioritizes the inputs used in applying the various valuation techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the fair value hierarchy while Level 3 inputs are given the lowest priority. The three levels of the fair value hierarchy are as follows: Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 – Unobservable inputs for which there is little, if any, market activity for the asset or liability being measured. These inputs reflect management’s best estimates of the assumptions market participants would use in determining fair value. Our Level 3 measurements consist of instruments using standard pricing models and other valuation methods that utilize unobservable pricing inputs that are significant to the overall fair value. Valuation techniques that maximize the use of observable inputs are favored. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Significant uses of fair value measurements include: impairment assessments of long-lived assets; and recorded value of derivative instruments and trading securities. The need to test long-lived assets can be based on several indicators, including a significant reduction in prices of natural gas, oil and condensate, NGLs, unfavorable adjustments to reserves, significant changes in the expected timing of production, other changes to contracts or changes in the regulatory environment in which a property is located. Fair Values – Recurring We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy for assets and liabilities measured at fair value, on a recurring basis (in thousands): Fair Value Measurements at September 30, 2021 using: Quoted Prices Significant Significant Total Trading securities held in the deferred compensation $ 66,833 $ — $ — $ 66,833 Commodity price derivatives –swaps — ( 401,955 ) — ( 401,955 ) –collars — ( 93,225 ) ( 10,312 ) ( 103,537 ) –three-way collars — ( 200,477 ) — ( 200,477 ) –calls — ( 10,018 ) ( 10,018 ) –basis swaps — 8,867 — 8,867 –swaptions — — ( 60,132 ) ( 60,132 ) Derivatives–freight swaps — ( 26 ) — ( 26 ) Divestiture contingent consideration — 50,220 — 50,220 Fair Value Measurements at December 31, 2020 using: Quoted Prices Significant Significant Total Trading securities held in the deferred compensation $ 63,942 $ — $ — $ 63,942 Commodity price derivatives –swaps — 6,642 — 6,642 –calls — — ( 546 ) ( 546 ) –collars — 7,016 ( 3,487 ) 3,529 –three-way collars — ( 17,818 ) — ( 17,818 ) –basis swaps — 4,491 — 4,491 –swaptions — — ( 9,803 ) ( 9,803 ) Derivatives–freight swaps — 1,104 — 1,104 Divesture contingent consideration — 15,960 — 15,960 Our trading securities in Level 1 are exchange-traded and measured at fair value with a market approach using end of period market values. Derivatives in Level 2 are measured at fair value with a market approach using third-party pricing services which have been corroborated with data from active markets or broker quotes. As of September 30, 2021, a portion of our natural gas and oil derivative instruments contain swaptions where the counterparty has the right, but not the obligation, to enter into a fixed price swap on a pre-determined date. If exercised, the swaption contract becomes a swap treated consistently with our fixed-price swaps. In addition to our swaptions in Level 3 at September 30, 2021, we have NGLs collars. Derivatives in Level 3 are also measured at fair value with a market approach using third-party pricing services which have been corroborated with data from active markets or broker quotes. However, the subjectivity in the volatility factors utilized can cause a significant change in the fair value measurement of our derivatives in Level 3 and is considered a significant unobservable input. At September 30, 2021, for our swaptions, we used a weighted average implied volatility of 40 % for natural gas. We also utilized a range of implied volatilities from 36 % to 55 % for our NGLs collars with a weighted average implied volatility of 42 %. The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands): As of Balance at December 31, 2020 $ ( 13,836 ) Total losses: Included in earnings ( 42,974 ) Additions ( 23,385 ) Settlements 5,177 Transfers out of Level 3 4,574 Balance at September 30, 2021 $ ( 70,444 ) Divestiture Contingent Consideration. In August 2020, we completed the sale of our North Louisiana assets where we are entitled to receive contingent consideration based on future achievement of natural gas and oil prices based on published indexes along with NGLs prices based on the realized NGLs prices of the buyer. We used an option pricing model to estimate the fair value of the contingent consideration using significant Level 2 inputs that include quoted future commodity prices based on active markets. Trading securities. Our trading securities held in the deferred compensation plan are accounted for using the mark-to- market accounting method and are included in other assets in the accompanying consolidated balance sheets. We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan. Interest, dividends, and mark-to-market gains or losses are included in deferred compensation plan expense in the accompanying consolidated statements of operations. For third quarter 2021, interest and dividends were $ 314,000 and the mark-to-market adjustment was a loss of $ 1.2 million compared to interest and dividends of $ 114,000 and a mark-to-market gain of $ 3.2 million in third quarter 2020. For first nine months 2021, interest and dividends were $ 541,000 and the mark-to-market adjustment was a gain of $ 3.1 million compared to interest and dividends of $ 385,000 and a mark-to-market adjustment of a gain of $ 234,000 in first nine months 2020. Fair Values – Non-recurring Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Our proved natural gas and oil properties are reviewed for impairment periodically as events or changes in circumstances indicate the carrying amount may not be recoverable. In first quarter 2020, we recognized impairment charges of $ 77.0 million that reduced the carrying value to the anticipated sales proceeds for our North Louisiana assets which is a market approach using Level 2 inputs. These assets were sold in third quarter 2020. In conjunction with the sale of our North Louisiana assets in third quarter 2020, we recorded impairment expense associated with our headquarters office lease of $ 2.0 million. There were no proved property impairment charges in third quarter or first nine months 2021. Fair Values – Reported The following presents the carrying amounts and the fair values of our financial instruments as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Commodity swaps, collars and basis swaps $ 3,443 $ 3,443 $ 24,052 $ 24,052 Divestiture contingent consideration 50,220 50,220 15,960 15,960 Marketable securities (a) 66,833 66,833 63,942 63,942 (Liabilities): Commodity swaps, collars and basis swaps ( 770,721 ) ( 770,721 ) ( 36,453 ) ( 36,453 ) Bank credit facility (b) ( 30,000 ) ( 30,000 ) ( 702,000 ) ( 702,000 ) 5.75 % senior notes due 2021 (b) — — ( 25,496 ) ( 25,474 ) 5.00 % senior notes due 2022 (b) ( 169,589 ) ( 172,667 ) ( 169,589 ) ( 170,128 ) 5.875 % senior notes due 2022 (b) ( 48,528 ) ( 49,383 ) ( 48,528 ) ( 48,471 ) Other senior notes due 2022 (b) — — ( 490 ) ( 490 ) 5.00 % senior notes due 2023 (b) ( 532,335 ) ( 552,463 ) ( 532,335 ) ( 521,699 ) 4.875 % senior notes due 2025 (b) ( 750,000 ) ( 791,715 ) ( 750,000 ) ( 707,918 ) 9.25 % senior notes due 2026 (b) ( 850,000 ) ( 926,832 ) ( 850,000 ) ( 888,208 ) 8.25 % senior notes due 2029 (b) ( 600,000 ) ( 674,994 ) — — 5.75 % senior subordinated notes due 2021 (b) — — ( 19,896 ) ( 19,589 ) 5.00 % senior subordinated notes due 2022 (b) — — ( 9,730 ) ( 9,247 ) 5.00 % senior subordinated notes due 2023 (b) — — ( 7,712 ) ( 6,604 ) Deferred compensation plan (c) ( 184,882 ) ( 184,882 ) ( 96,563 ) ( 96,563 ) (a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. (b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes and our senior subordinated notes is based on end of period market quotes which are Level 2 inputs. (c) The fair value of our deferred compensation plan is updated to the closing price on the balance sheet date which is a Level 1 input. Our current assets and liabilities include financial instruments, the most significant of which are trade accounts receivable and payable. We believe the carrying values of our current assets and liabilities approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments and (2) our historical and expected incurrence of bad debt expense. Non-financial liabilities initially measured at fair value include asset retirement obligations, operating lease liabilities and the divestiture contract obligation that we incurred in conjunction with the sale of our North Louisiana assets. Concentrations of Credit Risk As of September 30, 2021, our primary concentrations of credit risk are the risks of not collecting accounts receivable and the risk of a counterparty’s failure to perform under derivative obligations. Most of our receivables are from a diverse group of companies, including major energy companies, pipeline companies, local distribution companies, financial institutions and end-users in various industries. Letters of credit or other appropriate assurances are obtained as deemed necessary to limit our risk of loss. Our allowance for uncollectable receivables was $ 373,000 at September 30, 2021 compared to $ 3.0 million at December 31, 2020. Our derivative exposure to credit risk is diversified primarily among major investment grade financial institutions, where we have master netting agreements which provide for offsetting payables against receivables from separate derivative contracts. To manage counterparty risk associated with our derivatives, we select and monitor our counterparties based on our assessment of their financial strength and/or credit ratings. We may also limit the level of exposure with any single counterparty. At September 30, 2021, our derivative counterparties include nineteen financial institutions, of which all but five are secured lenders in our bank credit facility. At September 30, 2021, our net derivative liability includes a net receivable of $ 2.4 million from four of these counterparties that are not participants in our bank credit facility and an aggregate net payable of $ 9.2 million to one of these counterparties. Allowance for Expected Credit Losses. Each reporting period, we assess the recoverability of material receivables using historical data, current market conditions and reasonable and supported forecasts of future economic conditions to determine their expected collectability. The loss given default method is used when, based on management’s judgment, an allowance for expected credit losses should be accrued on a material receivable to reflect the net amount to be collected. |
Stock-based Compensation Plans
Stock-based Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation Plans | (13) STOCK-BASED COMPENSATION PLANS Stock-Based Awards We have two active equity-based stock plans: our Amended and Restated 2005 Equity-Based Incentive Compensation Plan and our Amended and Restated 2019 Equity-Based Compensation Plan. Under these plans, various awards may be issued to non-employee directors and employees pursuant to decisions of the Compensation Committee, which is composed of only non-employee, independent directors. Total Stock-Based Compensation Expense Stock-based compensation represents amortization of restricted stock and performance units. Unlike the other forms of stock-based compensation, the mark-to-market adjustment of the liability related to the vested restricted stock held in our deferred compensation plan is directly tied to the change in our stock price and not directly related to the functional expenses and therefore, is not allocated to the functional categories. The following details the allocation of stock-based compensation to functional expense categories (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Direct operating expense $ 319 $ ( 74 ) $ 986 $ 810 Brokered natural gas and marketing expense 446 324 1,339 905 Exploration expense 368 189 1,116 891 General and administrative expense 9,845 6,863 28,632 24,071 Termination costs — 2,020 — 2,020 Total stock-based compensation expense $ 10,978 $ 9,322 $ 32,073 $ 28,697 Stock-Based Awards Restricted Stock Awards . We grant restricted stock units under our equity-based stock compensation plans. These restricted stock units, which we refer to as restricted stock Equity Awards, generally vest over a three-year period, contingent on the recipient’s continued employment. The grant date fair value of the Equity Awards is based on the fair market value of our common stock on the date of grant. The Compensation Committee also grants restricted stock to certain employees and non-employee directors of the Board of Directors as part of their compensation. We also grant restricted stock to certain employees for retention purposes. Compensation expense is recognized over the balance of the vesting period, which is typically three years for employee grants and one year vesting for non-employee directors. All restricted stock awards are issued at prevailing market prices at the time of the grant and the vesting is based upon an employee’s continued employment with us. Prior to vesting, all restricted stock award recipients have the right to vote such stock and receive dividends thereon. Upon grant of these restricted shares, which we refer to as restricted stock Liability Awards, the majority of these shares are generally placed in our deferred compensation plan and, upon vesting, withdrawals are allowed in either cash or in stock. In early 2021, vesting for new grants of restricted stock Liability Awards changed to a three-year cliff vesting from a ratable 30%-30%-40% vesting schedule. These Liability Awards are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market amount is reported in deferred compensation plan expense in the accompanying consolidated statements of operations. Historically, we have used authorized but unissued shares of stock when restricted stock is granted. However, we can also utilize treasury shares when available. Stock-Based Performance Units . We grant three types of performance share awards: two based on internal performance conditions which were initially measured against internal debt-adjusted performance metrics (Production Per Share Awards or PS-PSUs and Reserves Per Share Awards or RS-PSUs) and one based on market conditions measured based on Range’s performance relative to a predetermined peer group (TSR Awards or TSR-PSUs). In first quarter 2021, our internal performance metrics were changed to focus on debt reduction and to include an environmental component. For shares granted in first quarter 2021, the performance conditions will be measured against internal metrics of Debt/EBITDAX (earnings before interest, taxes, depreciation, amortization and exploration expense) and emission intensity performance. These shares will vest at the end of three years and the three-year performance target was set in first quarter 2021. Each unit granted represents one share of our common stock. These units are settled in stock and the amount of the payout is based on (1) the vesting percentage, which can range from zero to 200 % based on performance achieved, which is determined by the Compensation Committee and (2) the value of our common stock on the vesting date. Dividend equivalents may accrue during the performance period and are paid in stock at the end of the performance period. The performance period for the TSR-PSUs is three years . Prior to 2021, the performance period for the PS/RS-PSUs was based on annual performance targets earned over a three-year period. Restricted Stock – Equity Awards In first nine months 2021, we granted 2.3 million restricted stock Equity Awards to employees at an average grant date fair value of $ 10.20 which generally vest over a three-year period compared to 4.5 million at an average grant date fair value of $ 3.42 in first nine months 2020. We recorded compensation expense for these outstanding awards of $ 15.0 million in first nine months 2021 compared to $ 13.4 million in the same period of 2020. Restricted stock Equity Awards are not issued to employees until such time as they are vested. Employees do not have the option to receive cash. Restricted Stock – Liability Awards In first nine months 2021, we granted 1.2 million shares of restricted stock Liability Awards as compensation to employees at an average grant date fair value of $ 9.30 which generally vest at the end of a three-year period and 102,000 shares were granted to non-employee directors at an average price of $ 12.49 with vesting at the end of a one-year period. In first nine months 2020, we granted 3.3 million shares of restricted stock Liability Awards as compensation to employees at an average grant date fair value of $ 3.03 with vesting generally over a three-year period and 217,000 were granted to non-employee directors at an average price of $ 5.38 with vesting at the end of a one-year period. We recorded compensation expense for these Liability Awards of $ 8.4 million in first nine months 2021 compared to $ 7.9 million in first nine months 2020. The majority of these awards are held in our deferred compensation plan, are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market amount is reported as deferred compensation expense in our consolidated statements of operations (see additional discussion below). The following is a summary of the status of our non-vested restricted stock outstanding at September 30, 2021: Restricted Stock Restricted Stock Shares Weighted Shares Weighted Outstanding at December 31, 2020 2,815,860 $ 4.97 1,186,636 $ 4.18 Granted 2,340,114 10.20 1,288,729 9.55 Vested ( 1,820,011 ) 7.37 ( 1,316,542 ) 6.98 Forfeited ( 79,732 ) 6.30 — — Outstanding at September 30, 2021 3,256,231 $ 7.36 1,158,823 $ 6.98 Stock-Based Performance Units Internal Performance Metric Awards. These awards vest at the end of the three-year performance period. The performance metrics are set by the Compensation Committee. If the performance metric for the applicable period is not met, that portion is considered forfeited and there is an adjustment to the expense recorded. See additional information above for shares granted in first quarter 2021. The following is a summary of our non-vested internal performance awards outstanding at September 30, 2021: Number of Weighted Outstanding at December 31, 2020 1,099,102 $ 5.92 Units granted (a) 303,231 9.81 Vested and issued (b) ( 306,978 ) 12.20 Forfeited — — Outstanding at September 30, 2021 1,095,355 $ 7.80 (a) Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 200 % depending on achievement of specifically identified performance targets. Units granted in first quarter 2021 were to our CEO, CFO and COO only. (b) For certain of the PS-PSUs and RS-PSUs awards issued during 2018 the aggregate payout was approximately 137 % of target for the March 2018 grants with a positive performance adjustment of 290,140 shares. We recorded compensation expense of $ 3.8 million in first nine months 2021 compared to expense of $ 2.3 million in first nine months 2020. TSR Awards. TSR-PSUs granted are earned, or not earned, based on the comparative performance of Range’s common stock measured against a predetermined group of companies in the peer group over a three-year performance period. The fair value of the TSR-PSUs is estimated on the date of grant using a Monte Carlo simulation model which utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. The fair value is recognized as stock-based compensation expense over the three-year performance period. Expected volatilities utilized in the model were estimated using a combination of a historical period consistent with the remaining performance period of three years and option implied volatilities. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the life of the grant. The following assumptions were used to estimate the fair value of TSR-PSUs granted during first nine months 2021 and 2020: Nine Months Ended 2021 2020 Risk-free interest rate 0.2 % 1.4 % Expected annual volatility 75 % 65 % Grant date fair value per unit $ 12.58 $ 3.85 The following is a summary of our non-vested TSR-PSUs award activities: Number of Weighted Outstanding at December 31, 2020 1,249,524 $ 9.55 Units granted (a) 223,687 12.58 Vested and issued (b) ( 325,217 ) 18.51 Forfeited — — Outstanding at September 30, 2021 1,147,994 $ 7.60 (a) These amounts reflect the number of performance units granted. The actual payout of shares may be between zero and 200 % of the performance units granted depending on the total shareholder return ranking compared to our peer companies at the vesting date. (b) Includes TSR-PSUs awards issued related to the 2018 performance period where the return on our common stock was negative and therefore, the performance multiple and actual payout was reduced to 100 %. We recorded TSR-PSUs compensation expense of $ 1.9 million in first nine months 2021 compared to $ 1.9 million in the same period of 2020. Fair value is amortized over the performance period with no adjustment to the expense recorded for actual targets achieved. Other Post Retirement Benefits Effective fourth quarter 2017, as part of our officer succession plan, we implemented a post retirement benefit plan to assist in providing health care to officers who are active employees (including their spouses) and have met certain age and service requirements. These benefits are not funded in advance and are provided up to age 65 or at the date they become eligible for Medicare, subject to various cost-sharing features. There was approximately $ 90,000 of estimated prior service costs amortized from accumulated other comprehensive income into general and administrative expense in both the three months ended September 30, 2021 and 2020 and approximately $ 275,000 amortized in both the nine months ended September 30, 2021 and 2020. Those employees that qualify for this retirement health care plan are required to provide reasonable notice of retirement and provide one year of service after an equity grant date to be fully vested in the grant. Deferred Compensation Plan Our deferred compensation plan gives non-employee directors and officers the ability to defer all or a portion of their salaries, bonuses or director fees and invest in Range common stock or make other investments at the individual’s discretion. Range provides a partial matching contribution to officers which vests over three years . In early 2021, vesting for the matching contribution was changed to a three-year cliff vesting schedule. The assets of the plan are held in a grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the claims of our general creditors in the event of bankruptcy or insolvency. Our stock held in the Rabbi Trust is treated as a liability award as employees are allowed to take withdrawals from the Rabbi Trust either in cash or in Range stock. The liability for the vested portion of the stock held in the Rabbi Trust is reflected as deferred compensation liability in the accompanying consolidated balance sheets and is adjusted to fair value each reporting period by a charge or credit to deferred compensation plan expense on our consolidated statements of operations. The assets of the Rabbi Trust, other than our common stock, are invested in marketable securities and reported at their market value as other assets in the accompanying consolidated balance sheets. The deferred compensation liability reflects the vested market value of the marketable securities and Range stock held in the Rabbi Trust. Changes in the market value of the marketable securities and changes in the fair value of the deferred compensation plan liability are charged or credited to deferred compensation plan expense each quarter. We recorded a mark-to-market loss of $ 34.3 million in third quarter 2021 compared to a mark-to-market loss of $ 6.2 million in third quarter 2020. We recorded mark-to-market loss of $ 89.6 million in first nine months 2021 compared to a loss of $ 10.3 million in first nine months 2020. The Rabbi Trust held 6.4 million shares ( 5.3 million of which were vested) of Range stock at September 30, 2021 compared to 6.1 million shares ( 5.0 million of which were vested) at December 31, 2020. |
Exit and Termination Costs
Exit and Termination Costs | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Exit and Termination Costs | (14) EXIT AND TERMINATION COSTS Exit Costs In August 2020, we sold our North Louisiana assets and retained certain gathering, transportation and processing obligations which extend into 2030. These are contracts where we will not realize any future benefit. The estimated obligations are included in current and long-term divestiture contract obligation in our consolidated balance sheets. In first nine months 2021, we recorded accretion expense of $ 36.6 million. In second quarter 2021, we recorded a net favorable adjustment of $ 28.2 million to reduce this obligation due to a reduction of certain contractual payments compared to those originally estimated and a change to our estimated drilling plans of the buyer. The estimated discounted divestiture contract obligation was $ 426.6 million at September 30, 2021. In second quarter 2020, we negotiated capacity releases on certain transportation pipelines in Pennsylvania effective May 31, 2020 and extending through the remainder of the contract. We recorded termination costs of $ 10.4 million which represented the discounted present value of our remaining obligation to the third-party. The estimated remaining discounted obligation for these transportation capacity releases as of September 30, 2021 was $ 7.9 million. Termination Costs In third quarter 2020, we completed the sale of our North Louisiana assets. We recorded $ 2.5 million of severance costs and stock-based compensation expense associated with this sale. In third quarter 2020, we also announced an additional reduction in our work force and recorded $ 3.7 million of severance costs and stock-based compensation expense related to this reduction in force. In first quarter 2020, we completed the sale of our shallow legacy assets in northwestern Pennsylvania and we recorded $ 1.6 million of severance costs which is primarily related to the sale of these assets. The following summarizes our exit and termination costs for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Severance costs $ — $ 4,191 $ 509 $ 5,638 Transportation contract capacity releases (including 186 233 580 10,678 Divestiture contract obligation (including accretion of 11,603 486,689 8,468 486,689 One-time minimum volume commitment contract — 28,500 — 28,500 Stock-based compensation — 2,020 — 2,020 $ 11,789 $ 521,633 $ 9,557 $ 533,525 The following details the accrued exit and termination cost liability activity for the nine months ended September 30, 2021 (in thousands): Exit (1) Termination Balance at December 31, 2020 $ 493,543 $ 1,454 Accrued severance costs — 509 Accretion of discount 37,213 — Divestiture contract obligation - changes in estimate ( 28,165 ) — Payments ( 68,152 ) ( 1,695 ) Balance at September 30, 2021 $ 434,439 $ 268 (1) Includes the divestiture contract obligation and the transportation contract capacity release obligation. |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Capital Stock | (15) CAPITAL STOCK We have authorized capital stock of 485.0 million shares which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. We currently have no preferred stock issued or outstanding. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2020: Nine Months Year Beginning balance 246,348,092 249,630,803 Restricted stock grants 1,293,126 3,390,358 Restricted stock units vested 1,485,557 1,226,473 Performance stock units issued 640,468 279,420 Performance stock dividends 13,966 18,700 Treasury shares 3,149 ( 8,197,662 ) Ending balance 249,784,358 246,348,092 Stock Repurchase Program In October 2019, our Board of Directors authorized a $ 100.0 million common stock repurchase program. Under this program, we may repurchase shares in open market transactions, from time to time, in accordance with applicable SEC rules and federal securities laws. The following is a schedule of the change in treasury shares for the three and nine months ended September 30, 2021: Three Months Nine Months Beginning balance 10,005,504 10,005,795 Rabbi trust shares distributed/sold ( 2,858 ) ( 3,149 ) Shares repurchased — — Ending balance 10,002,646 10,002,646 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (16) SUPPLEMENTAL CASH FLOW INFORMATION Nine Months Ended 2021 2020 (in thousands) Net cash provided from operating activities included: Income taxes (paid) refunded from taxing authorities $ ( 2,661 ) $ 343 Interest paid ( 175,195 ) ( 145,319 ) Non-cash investing and financing activities included: Increase in asset retirement costs capitalized 2,879 4,587 Decrease in accrued capital expenditures ( 11,373 ) ( 38,942 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (17) COMMITMENTS AND CONTINGENCIES Litigation We are the subject of, or party to, a number of pending or threatened legal actions, administrative proceedings or investigations arising in the ordinary course of our business including, but not limited to, royalty claims, contract claims and environmental claims. While many of these matters involve inherent uncertainty, we believe that the amount of the liability, if any, ultimately incurred with respect to these actions, proceedings or claims will not have a material adverse effect on our consolidated financial position as a whole or on our liquidity, capital resources or future annual results of operations. When deemed necessary, we establish reserves for certain legal proceedings. The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible we could incur additional losses with respect to those matters in which reserves have been established. We will continue to evaluate our litigation on a quarterly basis and will establish and adjust any litigation reserves as appropriate to reflect our assessment of the then current status of litigation. We have incurred and will continue to incur capital, operating and remediation expenditures as a result of environmental laws and regulations. As of September 30, 2021, liabilities for remediation were not material. We are not aware of any environmental claims existing as of September 30, 2021 that have not been provided for or would otherwise have a material impact on our financial position or results of operations. Environmental liabilities normally involve estimates that are subject to revision until final resolution, settlement or remediation occurs. On March 4, 2021 a punitive class action lawsuit was filed in the Western District of Pennsylvania in Case No. 2:21-CV-301 (Jacobowitz v. Range Resources Corporation et al.) in which the Plaintiff seeks to represent a class of Range stockholders who purchased or acquired stock from April 29, 2016 to February 10, 2021. This lawsuit has been transferred to the U.S. District Court for the Northern District of Texas (Fort Worth Division). The lawsuit claims that Range misclassified certain wells as inactive rather than having plugged the wells and that such alleged misclassification affected the determination of our asset retirement obligation accrual. The lawsuit claims that the disclosure of a $ 294,000 agreed penalty that we paid to the Pennsylvania Department of Environmental Protection (DEP) in connection with the DEP’s investigation of our application for inactive status for a small number of our wells which the DEP disclosed during market hours on February 10, 2021 was the basis for the Plaintiffs’ discovery of the alleged misrepresentations. We maintain that the factual allegations and the claims made in the litigation are baseless; there were no misrepresentations made and our asset retirement obligation was properly calculated. We also maintain that the market fully absorbed the information disclosed by the DEP on February 10, 2021 and the stock price on that day did not decrease. Given our view of the litigation as baseless, we plan to vigorously defend the litigation and moved for its dismissal. |
Suspended Exploratory Well Cost
Suspended Exploratory Well Costs | 9 Months Ended |
Sep. 30, 2021 | |
Capitalized Exploratory Well Costs [Abstract] | |
Suspended Exploratory Well Costs | ( 18) SUSPENDED EXPLORATORY WELL COSTS We capitalize exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. Capitalized exploratory well costs are presented in natural gas and oil properties in the accompanying consolidated balance sheets. If an exploratory well is determined to be impaired, the well costs are charged to exploration expense in the accompanying consolidated statements of operations. The following table reflects the changes in capitalized exploratory well costs for the nine months ended September 30, 2021 (in thousands): 2021 Balance at beginning of period $ 7,709 Additions to capitalized exploratory well costs pending the 6,299 Reclassifications to wells, facilities and equipment based on ( 14,008 ) Capitalized exploratory well costs, charged to expense — Balance at end of period $ — Less exploratory well costs that have been capitalized for a period $ — Capitalized exploratory well costs that have been capitalized for a $ — |
Costs Incurred for Property Acq
Costs Incurred for Property Acquisition, Exploration and Development | 9 Months Ended |
Sep. 30, 2021 | |
Extractive Industries [Abstract] | |
Costs Incurred for Property Acquisition, Exploration and Development | (19) Costs Incurred for Property Acquisition, Exploration and Development (a) Nine Months Year (in thousands) Acquisitions: Acreage purchases $ 14,014 $ 26,166 Development 298,300 369,093 Exploration: Drilling 6,299 7,709 Expense 15,331 31,376 Stock-based compensation expense 1,116 1,279 Gas gathering facilities: Development 2,846 3,694 Subtotal 337,906 439,317 Asset retirement obligations 2,879 2,610 Total costs incurred $ 340,785 $ 441,927 (a) Includes costs incurred whether capitalized or expensed. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
New Accounting Standards | Not Yet Adopted None that are expected to have a material impact on our financial statements. |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue by Identified Revenue Stream | Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Natural gas sales $ 494,917 $ 211,638 $ 1,152,283 $ 679,094 NGLs sales 309,232 149,263 795,173 416,885 Oil sales 45,156 20,652 127,051 66,928 Total natural gas, NGLs and oil sales 849,305 381,553 2,074,507 1,162,907 Sales of purchased natural gas 101,095 39,180 231,335 94,364 Sales of purchased NGLs 2,764 1,084 3,912 3,230 Other marketing revenue (1) 1,695 2,218 13,421 7,128 Total $ 954,859 $ 424,035 $ 2,323,175 $ 1,267,629 (1) The nine months ended September 30, 2021 includes $ 8.8 million received as part of a capacity release agreement. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Income (Loss) Per Common Share | Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common shareholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following sets forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net loss, as reported $ ( 350,267 ) $ ( 748,790 ) $ ( 479,588 ) $ ( 750,178 ) Participating earnings (a) — — — — Basic net loss attributed to common shareholders ( 350,267 ) ( 748,790 ) ( 479,588 ) ( 750,178 ) Reallocation of participating earnings (a) — — — — Diluted net loss attributed to common $ ( 350,267 ) $ ( 748,790 ) $ ( 479,588 ) $ ( 750,178 ) Net loss per common share: Basic $ ( 1.44 ) $ ( 3.12 ) $ ( 1.98 ) $ ( 3.10 ) Diluted $ ( 1.44 ) $ ( 3.12 ) $ ( 1.98 ) $ ( 3.10 ) (a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. |
Basic Weighted Average Common Shares Outstanding and Diluted Weighted Average Common Shares Outstanding | The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Weighted average common shares outstanding – basic and diluted 243,311 239,895 242,692 241,770 |
Capitalized Costs and Accumul_2
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Extractive Industries [Abstract] | |
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization | September 30, December 31, (in thousands) Natural gas properties: Properties subject to depletion $ 9,203,586 $ 8,891,348 Unproved properties 864,659 859,766 Total 10,068,245 9,751,114 Accumulated depletion and depreciation ( 4,330,289 ) ( 4,064,305 ) Net capitalized costs $ 5,737,956 $ 5,686,809 (a) Includes capitalized asset retirement costs and the associated accumulated amortization. |
Indebtedness (Tables)
Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Outstanding | We had the following debt outstanding as of the dates shown below (bank debt interest rate at September 30, 2021 is shown parenthetically). No interest was capitalized during the nine months ended September 30, 2021 or the year ended December 31, 2020 (in thousands). September 30, December 31, Bank debt ( 2.4 %) $ 30,000 $ 702,000 Senior notes: 4.875 % senior notes due 2025 750,000 750,000 5.00 % senior notes due 2022 169,589 169,589 5.00 % senior notes due 2023 532,335 532,335 5.75 % senior notes due 2021 — 25,496 5.875 % senior notes due 2022 48,528 48,528 8.25 % senior notes due 2029 600,000 — 9.25 % senior notes due 2026 850,000 850,000 Other senior notes due 2022 — 490 Total senior notes 2,950,452 2,376,438 Senior subordinated notes: 5.00 % senior subordinated notes due 2022 — 9,730 5.00 % senior subordinated notes due 2023 — 7,712 5.75 % senior subordinated notes due 2021 — 19,896 Total senior subordinated notes — 37,338 Total debt 2,980,452 3,115,776 Unamortized premium 254 457 Unamortized debt issuance costs ( 32,326 ) ( 30,625 ) Total debt net of debt issuance costs 2,948,380 3,085,608 Less current maturities of long-term debt ( 217,909 ) ( 45,356 ) Total long-term debt $ 2,730,471 $ 3,040,252 |
Early Redemption of Senior and Senior Subordinated Notes | In first quarter 2021, based on the terms of the indentures governing certain of our senior and senior subordinated notes, we notified the trustee that we were electing to redeem the outstanding principal amounts of the following notes (in thousands): Outstanding 5.75% senior notes due 2021 $ 25,496 5.875% senior notes due 2022 $ 490 5.75% senior subordinated notes 2021 $ 19,896 5.00% senior subordinated notes 2022 $ 9,730 5.00% senior subordinated notes 2023 $ 7,712 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | A reconciliation of our liability for plugging and abandonment costs for the nine months ended September 30, 2021 and the year ended December 31, 2020 is as follows (in thousands): Nine Months Year Beginning of period $ 79,822 $ 251,076 Liabilities incurred 88 1,483 Acquisitions — 123 Liabilities settled ( 5,719 ) ( 4,634 ) Disposition of wells — ( 176,748 ) Accretion expense 4,257 7,518 Change in estimate 2,856 1,004 End of period 81,304 79,822 Less current portion ( 6,689 ) ( 6,689 ) Long-term asset retirement obligations $ 74,615 $ 73,133 |
Derivative Activities (Tables)
Derivative Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth our commodity-based derivative volumes by year as of September 30, 2021, excluding our basis and freight swaps and divestiture contingent consideration which are discussed separately below: Period Contract Type Volume Hedged Weighted Average Hedge Price Swap Sold Put Floor Ceiling Natural Gas (1) 2021 Swaps 583,152 Mmbtu/day $ 2.84 2021 Collars 227,391 Mmbtu/day $ 2.87 $ 3.42 2021 Three-way Collars 339,457 Mmbtu/day $ 2.26 $ 2.62 $ 3.04 2022 Swaps 382,329 Mmbtu/day $ 3.11 2022 Collars 213,438 Mmbtu/day $ 3.26 $ 3.70 2022 Three-way Collars 251,781 Mmbtu/day $ 2.37 $ 3.03 $ 3.77 January - March 2022 Calls 80,000 Mmbtu/day $ 6.02 2023 Swaps 60,000 Mmbtu/day $ 3.27 Crude Oil 2021 Swaps 7,500 bbls/day $ 56.92 2022 Swaps 5,811 bbls/day $ 59.59 2023 Swaps 500 bbls/day $ 63.50 NGLs (C3-Propane) 2021 Swaps 6,000 bbls/day $ 1.17 /gallon 2021 Collars 4,000 bbls/day $ 1.00 /gallon $ $ 1.20 /gallon NGLs (NC4-Normal Butane) 2021 Swaps 2,663 bbls/day $ 1.17 /gallon 2021 Collars 2,000 bbls/day $ 1.00 /gallon $ 1.20 /gallon NGLs (C5-Natural Gasoline) 2021 Swaps 2,000 bbls/day $ 1.41 /gallon 2021 Collars 3,000 bbls/day $ 1.35 /gallon $ 1.55 /gallon January - March 2022 Swaps 2,656 bbls/day $ 1.59 /gallon January - March 2022 Collars 2,000 bbls/day $ 1.45 /gallon $ 1.60 /gallon (1) We also sold natural gas call swaptions of 80,000 Mmbtu/day for 2022 at a weighted average price of $ 2.80 and 70,000 Mmbtu/day for 2023 at a weighted average price of $3.04 . |
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands): September 30, 2021 Gross Gross Net Amounts Derivative assets: Natural gas –swaps $ 5,574 $ ( 5,574 ) $ — –collars 193 ( 193 ) — –three-way collars 2 ( 2 ) — –basis swaps 15,633 ( 12,187 ) 3,446 Crude oil –swaps 10 ( 10 ) — NGLs –C3 propane spread swaps 8,367 ( 8,367 ) — −C5 natural gasoline swaps 17 ( 17 ) — Freight −swaps 27 ( 30 ) ( 3 ) Divestiture contingent consideration 50,220 — 50,220 $ 80,043 $ ( 26,380 ) $ 53,663 September 30, 2021 Gross Gross Net Amounts Derivative (liabilities): Natural gas –swaps $ ( 359,243 ) $ 5,574 $ ( 353,669 ) –swaptions ( 60,132 ) — ( 60,132 ) –collars ( 93,418 ) 193 ( 93,225 ) –three-way collars ( 200,479 ) 2 ( 200,477 ) –calls ( 10,018 ) — ( 10,018 ) –basis swaps ( 7,160 ) 12,187 5,027 Crude oil –swaps ( 34,274 ) 10 ( 34,264 ) NGLs –C3 propane spread swaps ( 7,973 ) 8,367 394 –C3 propane swaps ( 6,140 ) — ( 6,140 ) –C3 collars ( 3,787 ) — ( 3,787 ) –NC4 butane swaps ( 3,991 ) — ( 3,991 ) –NC4 butane collars ( 2,797 ) — ( 2,797 ) –C5 natural gasoline swaps ( 3,908 ) 17 ( 3,891 ) –C5 natural gasoline collars ( 3,728 ) — ( 3,728 ) Freight –swaps ( 53 ) 30 ( 23 ) $ ( 797,101 ) $ 26,380 $ ( 770,721 ) December 31, 2020 Gross Gross Amounts Net Amounts of Derivative assets: Natural gas –swaps $ 33,559 $ ( 16,821 ) $ 16,738 –collars 7,016 ( 2,329 ) 4,687 –three-way collars 535 ( 6,139 ) ( 5,604 ) –basis swaps 7,894 ( 3,502 ) 4,392 Crude oil –swaps 2,465 ( 829 ) 1,636 NGLs –C3 propane spread swaps 4,863 ( 4,863 ) — –C3 propane collars — ( 107 ) ( 107 ) Freight –swaps 2,310 — 2,310 Divestiture contingent consideration 15,960 — 15,960 $ 74,602 $ ( 34,590 ) $ 40,012 December 31, 2020 Gross Gross Amounts Net Amounts of Derivative (liabilities): Natural gas –swaps $ ( 10,120 ) $ 16,821 $ 6,701 –swaptions ( 9,803 ) — ( 9,803 ) –collars — 2,329 2,329 –three-way collars ( 18,353 ) 6,139 ( 12,214 ) –basis swaps ( 4,197 ) 3,502 ( 695 ) Crude oil –swaps ( 5,471 ) 829 ( 4,642 ) NGLs –C3 propane spread swaps ( 4,069 ) 4,863 794 –C3 propane swaps ( 8,243 ) — ( 8,243 ) –C3 propane collars ( 3,086 ) 107 ( 2,979 ) –C5 natural gasoline swaps ( 4,897 ) — ( 4,897 ) –C5 natural gasoline calls ( 546 ) — ( 546 ) –NC4 butane swaps ( 651 ) — ( 651 ) –NC4 butane collars ( 401 ) — ( 401 ) Freight –swaps ( 1,206 ) — ( 1,206 ) $ ( 71,043 ) $ 34,590 $ ( 36,453 ) |
Effects of Derivatives on Consolidated Statements of Operations | The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands): Derivative Fair Value (Loss) Income Three Months Ended Nine Months Ended 2021 2020 2021 2020 Commodity swaps $ ( 332,855 ) $ ( 91,425 ) $ ( 558,186 ) $ 142,413 Swaptions ( 33,718 ) ( 14,166 ) ( 50,329 ) ( 15,520 ) Three-way collars ( 173,344 ) ( 20,705 ) ( 226,176 ) ( 38,267 ) Collars ( 106,340 ) ( 16,893 ) ( 158,562 ) ( 14,336 ) Calls ( 10,018 ) ( 255 ) ( 10,793 ) ( 12 ) Basis swaps ( 8,469 ) 15,587 11,054 31,750 Freight swaps ( 346 ) 2,737 ( 1,050 ) ( 4,276 ) Divestiture contingent consideration 12,870 430 34,260 430 Total $ ( 652,220 ) $ ( 124,690 ) $ ( 959,782 ) $ 102,182 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | The following tables present the fair value hierarchy for assets and liabilities measured at fair value, on a recurring basis (in thousands): Fair Value Measurements at September 30, 2021 using: Quoted Prices Significant Significant Total Trading securities held in the deferred compensation $ 66,833 $ — $ — $ 66,833 Commodity price derivatives –swaps — ( 401,955 ) — ( 401,955 ) –collars — ( 93,225 ) ( 10,312 ) ( 103,537 ) –three-way collars — ( 200,477 ) — ( 200,477 ) –calls — ( 10,018 ) ( 10,018 ) –basis swaps — 8,867 — 8,867 –swaptions — — ( 60,132 ) ( 60,132 ) Derivatives–freight swaps — ( 26 ) — ( 26 ) Divestiture contingent consideration — 50,220 — 50,220 Fair Value Measurements at December 31, 2020 using: Quoted Prices Significant Significant Total Trading securities held in the deferred compensation $ 63,942 $ — $ — $ 63,942 Commodity price derivatives –swaps — 6,642 — 6,642 –calls — — ( 546 ) ( 546 ) –collars — 7,016 ( 3,487 ) 3,529 –three-way collars — ( 17,818 ) — ( 17,818 ) –basis swaps — 4,491 — 4,491 –swaptions — — ( 9,803 ) ( 9,803 ) Derivatives–freight swaps — 1,104 — 1,104 Divesture contingent consideration — 15,960 — 15,960 |
Carrying Amounts and Fair Values of Financial Instruments | The following presents the carrying amounts and the fair values of our financial instruments as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Commodity swaps, collars and basis swaps $ 3,443 $ 3,443 $ 24,052 $ 24,052 Divestiture contingent consideration 50,220 50,220 15,960 15,960 Marketable securities (a) 66,833 66,833 63,942 63,942 (Liabilities): Commodity swaps, collars and basis swaps ( 770,721 ) ( 770,721 ) ( 36,453 ) ( 36,453 ) Bank credit facility (b) ( 30,000 ) ( 30,000 ) ( 702,000 ) ( 702,000 ) 5.75 % senior notes due 2021 (b) — — ( 25,496 ) ( 25,474 ) 5.00 % senior notes due 2022 (b) ( 169,589 ) ( 172,667 ) ( 169,589 ) ( 170,128 ) 5.875 % senior notes due 2022 (b) ( 48,528 ) ( 49,383 ) ( 48,528 ) ( 48,471 ) Other senior notes due 2022 (b) — — ( 490 ) ( 490 ) 5.00 % senior notes due 2023 (b) ( 532,335 ) ( 552,463 ) ( 532,335 ) ( 521,699 ) 4.875 % senior notes due 2025 (b) ( 750,000 ) ( 791,715 ) ( 750,000 ) ( 707,918 ) 9.25 % senior notes due 2026 (b) ( 850,000 ) ( 926,832 ) ( 850,000 ) ( 888,208 ) 8.25 % senior notes due 2029 (b) ( 600,000 ) ( 674,994 ) — — 5.75 % senior subordinated notes due 2021 (b) — — ( 19,896 ) ( 19,589 ) 5.00 % senior subordinated notes due 2022 (b) — — ( 9,730 ) ( 9,247 ) 5.00 % senior subordinated notes due 2023 (b) — — ( 7,712 ) ( 6,604 ) Deferred compensation plan (c) ( 184,882 ) ( 184,882 ) ( 96,563 ) ( 96,563 ) |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Allocation of Stock-Based Compensation by Functional Category | The following details the allocation of stock-based compensation to functional expense categories (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Direct operating expense $ 319 $ ( 74 ) $ 986 $ 810 Brokered natural gas and marketing expense 446 324 1,339 905 Exploration expense 368 189 1,116 891 General and administrative expense 9,845 6,863 28,632 24,071 Termination costs — 2,020 — 2,020 Total stock-based compensation expense $ 10,978 $ 9,322 $ 32,073 $ 28,697 |
Restricted Stock and Restricted Stock Units Outstanding | The following is a summary of the status of our non-vested restricted stock outstanding at September 30, 2021: Restricted Stock Restricted Stock Shares Weighted Shares Weighted Outstanding at December 31, 2020 2,815,860 $ 4.97 1,186,636 $ 4.18 Granted 2,340,114 10.20 1,288,729 9.55 Vested ( 1,820,011 ) 7.37 ( 1,316,542 ) 6.98 Forfeited ( 79,732 ) 6.30 — — Outstanding at September 30, 2021 3,256,231 $ 7.36 1,158,823 $ 6.98 |
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions | The following assumptions were used to estimate the fair value of TSR-PSUs granted during first nine months 2021 and 2020: Nine Months Ended 2021 2020 Risk-free interest rate 0.2 % 1.4 % Expected annual volatility 75 % 65 % Grant date fair value per unit $ 12.58 $ 3.85 |
Performance-based Internal Performance Awards | |
Summary of Non-Vested Awards Activities | The following is a summary of our non-vested internal performance awards outstanding at September 30, 2021: Number of Weighted Outstanding at December 31, 2020 1,099,102 $ 5.92 Units granted (a) 303,231 9.81 Vested and issued (b) ( 306,978 ) 12.20 Forfeited — — Outstanding at September 30, 2021 1,095,355 $ 7.80 |
Performance Based TSR - PSUs | |
Summary of Non-Vested Awards Activities | The following is a summary of our non-vested TSR-PSUs award activities: Number of Weighted Outstanding at December 31, 2020 1,249,524 $ 9.55 Units granted (a) 223,687 12.58 Vested and issued (b) ( 325,217 ) 18.51 Forfeited — — Outstanding at September 30, 2021 1,147,994 $ 7.60 (a) These amounts reflect the number of performance units granted. The actual payout of shares may be between zero and 200 % of the performance units granted depending on the total shareholder return ranking compared to our peer companies at the vesting date. (b) Includes TSR-PSUs awards issued related to the 2018 performance period where the return on our common stock was negative and therefore, the performance multiple and actual payout was reduced to 100 %. |
Exit and Termination Costs (Tab
Exit and Termination Costs (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring And Related Activities [Abstract] | |
Summary of Exit and Termination Costs | The following summarizes our exit and termination costs for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Severance costs $ — $ 4,191 $ 509 $ 5,638 Transportation contract capacity releases (including 186 233 580 10,678 Divestiture contract obligation (including accretion of 11,603 486,689 8,468 486,689 One-time minimum volume commitment contract — 28,500 — 28,500 Stock-based compensation — 2,020 — 2,020 $ 11,789 $ 521,633 $ 9,557 $ 533,525 |
Exit and Termination Costs Included in Accrued Liabilities in Consolidated Balance Sheet | The following details the accrued exit and termination cost liability activity for the nine months ended September 30, 2021 (in thousands): Exit (1) Termination Balance at December 31, 2020 $ 493,543 $ 1,454 Accrued severance costs — 509 Accretion of discount 37,213 — Divestiture contract obligation - changes in estimate ( 28,165 ) — Payments ( 68,152 ) ( 1,695 ) Balance at September 30, 2021 $ 434,439 $ 268 (1) Includes the divestiture contract obligation and the transportation contract capacity release obligation. |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Number of Common Shares Outstanding | The following is a schedule of changes in the number of common shares outstanding since the beginning of 2020: Nine Months Year Beginning balance 246,348,092 249,630,803 Restricted stock grants 1,293,126 3,390,358 Restricted stock units vested 1,485,557 1,226,473 Performance stock units issued 640,468 279,420 Performance stock dividends 13,966 18,700 Treasury shares 3,149 ( 8,197,662 ) Ending balance 249,784,358 246,348,092 |
Schedule of Change in Treasury Shares | The following is a schedule of the change in treasury shares for the three and nine months ended September 30, 2021: Three Months Nine Months Beginning balance 10,005,504 10,005,795 Rabbi trust shares distributed/sold ( 2,858 ) ( 3,149 ) Shares repurchased — — Ending balance 10,002,646 10,002,646 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Nine Months Ended 2021 2020 (in thousands) Net cash provided from operating activities included: Income taxes (paid) refunded from taxing authorities $ ( 2,661 ) $ 343 Interest paid ( 175,195 ) ( 145,319 ) Non-cash investing and financing activities included: Increase in asset retirement costs capitalized 2,879 4,587 Decrease in accrued capital expenditures ( 11,373 ) ( 38,942 ) |
Suspended Exploratory Well Co_2
Suspended Exploratory Well Costs (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Capitalized Exploratory Well Costs [Abstract] | |
Schedule Of Changes In Capitalized Exploratory Well Costs | The following table reflects the changes in capitalized exploratory well costs for the nine months ended September 30, 2021 (in thousands): 2021 Balance at beginning of period $ 7,709 Additions to capitalized exploratory well costs pending the 6,299 Reclassifications to wells, facilities and equipment based on ( 14,008 ) Capitalized exploratory well costs, charged to expense — Balance at end of period $ — Less exploratory well costs that have been capitalized for a period $ — Capitalized exploratory well costs that have been capitalized for a $ — |
Costs Incurred for Property A_2
Costs Incurred for Property Acquisition, Exploration and Development (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Extractive Industries [Abstract] | |
Costs Incurred for Property Acquisition, Exploration and Development | Nine Months Year (in thousands) Acquisitions: Acreage purchases $ 14,014 $ 26,166 Development 298,300 369,093 Exploration: Drilling 6,299 7,709 Expense 15,331 31,376 Stock-based compensation expense 1,116 1,279 Gas gathering facilities: Development 2,846 3,694 Subtotal 337,906 439,317 Asset retirement obligations 2,879 2,610 Total costs incurred $ 340,785 $ 441,927 (a) Includes costs incurred whether capitalized or expensed. |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - USD ($) | Aug. 14, 2020 | Aug. 31, 2020 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
(Loss) gain on the sale of assets | $ 78,000 | $ 9,230,000 | $ 724,000 | $ 112,443,000 | |||||
Proceeds from disposal of assets | 237,000 | $ 246,083,000 | |||||||
Gross Amounts of Recognized Assets | 80,043,000 | 80,043,000 | $ 74,602,000 | ||||||
Contingent Consideration | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Gross Amounts of Recognized Assets | $ 50,220,000 | 50,220,000 | $ 15,960,000 | ||||||
North Louisiana | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
(Loss) gain on the sale of assets | $ (8,100,000) | $ 1,900,000 | $ 2,400,000 | ||||||
Fair value of total consideration for sale | $ 260,000,000 | ||||||||
Proceeds from disposal of assets | 245,000,000 | ||||||||
North Louisiana | Contingent Consideration | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Gross Amounts of Recognized Assets | $ 15,000,000 | ||||||||
North Louisiana | Contingent Consideration | Maximum | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Potential contractual payout of contingent consideration | $ 75,000,000 | ||||||||
Northwest Pennsylvania | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
(Loss) gain on the sale of assets | $ 122,500,000 | ||||||||
Proceeds from sale of oil and gas properties | $ 1,000,000 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)RevenueStreams | Dec. 31, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of revenue streams | RevenueStreams | 3 | |
Revenue Contract with Customer | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable | $ | $ 361.9 | $ 237.8 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Disaggregation of Revenue by Identified Revenue Stream (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues from Contracts with Customers | $ 954,859 | $ 424,035 | $ 2,323,175 | $ 1,267,629 |
Natural Gas, NGLs and Oil Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues from Contracts with Customers | 849,305 | 381,553 | 2,074,507 | 1,162,907 |
Natural Gas, NGLs and Oil Sales | Natural gas sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues from Contracts with Customers | 494,917 | 211,638 | 1,152,283 | 679,094 |
Natural Gas, NGLs and Oil Sales | NGLs sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues from Contracts with Customers | 309,232 | 149,263 | 795,173 | 416,885 |
Natural Gas, NGLs and Oil Sales | Oil sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues from Contracts with Customers | 45,156 | 20,652 | 127,051 | 66,928 |
Brokered Natural Gas, Marketing and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues from Contracts with Customers | 105,554 | 42,482 | 248,668 | 104,722 |
Brokered Natural Gas, Marketing and Other | Natural gas sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues from Contracts with Customers | 101,095 | 39,180 | 231,335 | 94,364 |
Brokered Natural Gas, Marketing and Other | NGLs sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues from Contracts with Customers | 2,764 | 1,084 | 3,912 | 3,230 |
Brokered Natural Gas, Marketing and Other | Other marketing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues from Contracts with Customers | $ 1,695 | $ 2,218 | $ 13,421 | $ 7,128 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Disaggregation of Revenue by Identified Revenue Stream (Parenthetical) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Brokered Natural Gas, Marketing and Other | Other marketing revenue | |
Disaggregation of Revenue [Line Items] | |
Revenue received as part of capital release agreement | $ 8.8 |
Income (Loss) Per Common Shar_2
Income (Loss) Per Common Share - Computations of Basic and Diluted Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Earnings Per Share Reconciliation [Abstract] | |||||||||
Net loss | $ (350,267) | $ (156,472) | $ 27,151 | $ (748,790) | $ (167,583) | $ 166,195 | $ (479,588) | $ (750,178) | |
Participating earnings | [1] | 0 | 0 | 0 | 0 | ||||
Basic net loss attributed to common stockholders | (350,267) | (748,790) | (479,588) | (750,178) | |||||
Reallocation of participating earnings | [1] | 0 | 0 | 0 | 0 | ||||
Diluted net loss attributed to common stockholders | $ (350,267) | $ (748,790) | $ (479,588) | $ (750,178) | |||||
Net loss per common share: | |||||||||
Basic | $ (1.44) | $ (3.12) | $ (1.98) | $ (3.10) | |||||
Diluted | $ (1.44) | $ (3.12) | $ (1.98) | $ (3.10) | |||||
[1] | Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses. |
Income (Loss) Per Common Shar_3
Income (Loss) Per Common Share - Basic Weighted Average Common Shares Outstanding and Diluted Weighted Average Common Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted Average Number Of Shares Outstanding [Abstract] | ||||
Weighted average common shares outstanding - basic and diluted | 243,311 | 239,895 | 242,692 | 241,770 |
Income (Loss) Per Common Shar_4
Income (Loss) Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Stock excluded from earning per share calculation | 6,500,000 | 6,200,000 | 6,600,000 | 5,300,000 |
Capitalized Costs and Accumul_3
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Natural gas properties: | |||
Properties subject to depletion | [1] | $ 9,203,586 | $ 8,891,348 |
Unproved properties | [1] | 864,659 | 859,766 |
Total | [1] | 10,068,245 | 9,751,114 |
Accumulated depletion and depreciation | [1] | (4,330,289) | (4,064,305) |
Natural gas and oil properties, successful efforts method, net | [1] | $ 5,737,956 | $ 5,686,809 |
[1] | Includes capitalized asset retirement costs and the associated accumulated amortization. |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Interest capitalized during the period | $ 0 | $ 0 |
Indebtedness - Debt Outstanding
Indebtedness - Debt Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jan. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Senior notes | $ 2,950,452 | $ 2,376,438 | |
Senior subordinated notes | 0 | 37,338 | |
Total debt | 2,980,452 | 3,115,776 | |
Unamortized premium | 254 | 457 | |
Unamortized debt issuance costs | (32,326) | (30,625) | |
Total debt net of debt issuance costs | 2,948,380 | 3,085,608 | |
Less current maturities of long-term debt | (217,909) | (45,356) | |
Total long-term debt | 2,730,471 | 3,040,252 | |
2.2% Bank Debt | Notes Payable to Banks | |||
Debt Instrument [Line Items] | |||
Bank debt (2.2%) | 30,000 | 702,000 | |
4.875% Senior Notes Due 2025 | |||
Debt Instrument [Line Items] | |||
Senior notes | 750,000 | 750,000 | |
5.00% Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Senior notes | 169,589 | 169,589 | |
5.00% Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Senior notes | 532,335 | 532,335 | |
5.75% Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Senior notes | 0 | 25,496 | |
5.875% Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Senior notes | 48,528 | 48,528 | |
8.25% Senior Notes Due 2029 | |||
Debt Instrument [Line Items] | |||
Senior notes | 600,000 | 0 | |
Unamortized debt issuance costs | $ (9,200) | ||
Other Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Senior notes | 0 | 490 | |
9.25% Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Senior notes | 850,000 | 850,000 | |
5.00% Senior Subordinated Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes | 0 | 9,730 | |
5.00% Senior Subordinated Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes | 0 | 7,712 | |
5.75% Senior Subordinated Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Senior subordinated notes | $ 0 | $ 19,896 |
Indebtedness - Debt Outstandi_2
Indebtedness - Debt Outstanding (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jan. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Current maturities of long-term debt | $ 217,909 | $ 45,356 | |
4.875% Senior Notes Due 2025 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 4.875% | 4.875% | |
5.00% Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.00% | 5.00% | |
5.00% Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.00% | 5.00% | |
5.75% Senior Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.75% | 5.75% | |
5.875% Senior Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.875% | 5.875% | |
8.25% Senior Notes Due 2029 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 8.25% | 8.25% | 8.25% |
9.25% Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 9.25% | 9.25% | |
5.00% Senior Subordinated Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.00% | 5.00% | |
5.00% Senior Subordinated Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.00% | 5.00% | |
5.75% Senior Subordinated Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.75% | 5.75% | |
Notes Payable to Banks | 2.2% Bank Debt | |||
Debt Instrument [Line Items] | |||
Bank debt percentage | 2.40% | 2.40% |
Indebtedness - Bank Debt - Addi
Indebtedness - Bank Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($)Commercialbank | Sep. 30, 2020 | Sep. 30, 2021USD ($)Commercialbank | Sep. 30, 2020 | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Bank debt | $ 23,976,000 | $ 23,976,000 | $ 693,123,000 | |||
Bank Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Bank credit facility, maximum amount | 4,000,000,000 | 4,000,000,000 | ||||
Bank credit facility, borrowing base | $ 3,000,000,000 | $ 3,000,000,000 | $ 3,000,000,000 | |||
Number of commercial banks included in current bank group | Commercialbank | 25 | 25 | ||||
Maturity date of loan | Apr. 13, 2023 | |||||
Bank commitments | $ 2,400,000,000 | $ 2,400,000,000 | $ 2,400,000,000 | |||
Bank debt | 30,000,000 | 30,000,000 | ||||
Undrawn letters of credit | 334,600,000 | 334,600,000 | ||||
Borrowing capacity available under the commitment amount | $ 2,000,000,000 | $ 2,000,000,000 | ||||
Weighted average interest rate on the bank credit facility | 2.00% | 2.40% | 2.10% | 2.70% | ||
Annual rate of commitment fee paid on the undrawn balance | 0.30% | |||||
Bank Credit Facility | Alternate Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 0.75% | |||||
Bank Credit Facility | LIBOR Rate | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 1.75% | |||||
Bank Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Annual rate of commitment fee paid on the undrawn balance | 0.30% | |||||
Bank Credit Facility | Minimum | Alternate Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Base rate on debt | 0.25% | 0.25% | ||||
Bank Credit Facility | Minimum | LIBOR Rate | ||||||
Debt Instrument [Line Items] | ||||||
Base rate on debt | 1.25% | 1.25% | ||||
Bank Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Annual rate of commitment fee paid on the undrawn balance | 0.375% | |||||
Bank Credit Facility | Maximum | Alternate Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Base rate on debt | 1.25% | 1.25% | ||||
Bank Credit Facility | Maximum | LIBOR Rate | ||||||
Debt Instrument [Line Items] | ||||||
Base rate on debt | 2.25% | 2.25% |
Indebtedness - New Senior Notes
Indebtedness - New Senior Notes - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 02, 2021 | Jan. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 32,326 | $ 30,625 | ||
Maximum redemption price of notes as percentage of principal amount | 100.00% | |||
8.25% Senior Notes Due 2029 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 600,000 | |||
Interest rate on notes | 8.25% | 8.25% | 8.25% | |
Debt instrument maturity year | 2029 | |||
Net proceeds after underwriting expenses | $ 590,800 | |||
Unamortized debt issuance costs | $ 9,200 | |||
Maximum redemption price of notes as percentage of principal amount | 100.00% |
Indebtedness - Early Redemption
Indebtedness - Early Redemption of Senior and Senior Subordinated Notes (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
5.75% Senior Notes Due 2021 | |
Debt Instrument [Line Items] | |
Outstanding Principal Amount | $ 25,496 |
5.875% Senior Notes Due 2022 | |
Debt Instrument [Line Items] | |
Outstanding Principal Amount | 490 |
5.75% Senior Subordinated Notes Due 2021 | |
Debt Instrument [Line Items] | |
Outstanding Principal Amount | 19,896 |
5.00% Senior Subordinated Notes Due 2022 | |
Debt Instrument [Line Items] | |
Outstanding Principal Amount | 9,730 |
5.00% Senior Subordinated Notes Due 2023 | |
Debt Instrument [Line Items] | |
Outstanding Principal Amount | $ 7,712 |
Indebtedness - Early Redempti_2
Indebtedness - Early Redemption - Additional Information (Detail) - USD ($) | Apr. 02, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||||
Maximum redemption price of notes as percentage of principal amount | 100.00% | |||
Loss on early extinguishment of debt | $ 63,000 | $ (7,821,000) | $ (98,000) | $ 14,093,000 |
Indebtedness - Senior Subordina
Indebtedness - Senior Subordinated Notes - Additional Information (Detail) | Apr. 02, 2021 | Sep. 30, 2021 |
Debt Instrument [Line Items] | ||
Maximum redemption price of notes as percentage of principal amount | 100.00% | |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Maximum redemption price of notes as percentage of principal amount | 101.00% |
Indebtedness - Guarantees and D
Indebtedness - Guarantees and Debt Covenants - Additional Information (Detail) - Bank Credit Facility - Minimum | Sep. 30, 2021 |
Debt Instrument [Line Items] | |
Ratio of debt to EBITDAX | 250.00% |
Current ratio | 100.00% |
Present value of proved reserves to total debt | 150.00% |
Asset Retirement Obligations -
Asset Retirement Obligations - Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation [Abstract] | ||
Beginning of period | $ 79,822 | $ 251,076 |
Liabilities incurred | 88 | 1,483 |
Acquisitions | 0 | 123 |
Liabilities settled | (5,719) | (4,634) |
Disposition of wells | 0 | (176,748) |
Accretion expense | 4,257 | 7,518 |
Change in estimate | 2,856 | 1,004 |
End of period | 81,304 | 79,822 |
Less current portion | (6,689) | (6,689) |
Long-term asset retirement obligations | $ 74,615 | $ 73,133 |
Derivative Activities - Additio
Derivative Activities - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2021USD ($)MMBTU | Mar. 31, 2022TPerM | Dec. 31, 2021TPerM | |
Contingent Consideration | |||
Derivative [Line Items] | |||
Derivative assets liabilities at fair value net | $ 34,300 | ||
Contingent Consideration | Minimum | |||
Derivative [Line Items] | |||
Derivative assets liabilities at fair value net | 50,200,000 | ||
Contingent Consideration | North Louisiana | Maximum | |||
Derivative [Line Items] | |||
Potential contractual payout of contingent consideration | 75,000,000 | ||
Derivatives Excluding Basis Swaps and Freight Swaps | |||
Derivative [Line Items] | |||
Derivative assets liabilities at fair value net | 776,100,000 | ||
Commodity | Natural Gas Basis Swaps | |||
Derivative [Line Items] | |||
Derivative assets liabilities at fair value net | $ 8,500,000 | ||
Volume Hedged | MMBTU | 204,967,500 | ||
Commodity | Propane Spread Swaps | |||
Derivative [Line Items] | |||
Derivative assets liabilities at fair value net | $ 394,000 | ||
Freight | Propane Spread Swaps | Contracts Settle in 2021 | Fair Value, Inputs, Level 2 | |||
Derivative [Line Items] | |||
Derivative assets liabilities at fair value net | $ (26,000) | ||
Freight | Swaps | Contracts Settle in 2021 | Fair Value, Inputs, Level 2 | Scenario Forecast | |||
Derivative [Line Items] | |||
Volume Hedged | TPerM | 12,000 | ||
Freight | Swaps | Contracts Settle in 2022 | Fair Value, Inputs, Level 2 | Scenario Forecast | |||
Derivative [Line Items] | |||
Volume Hedged | TPerM | 7,000 |
Derivative Activities - Derivat
Derivative Activities - Derivative Volumes Hedged and Average Hedge Prices (Detail) | Sep. 30, 2021BarrelsPerDayMmbtuPerDay$ / MMBTU$ / gal | |
2021 Commodity Contract | Natural Gas | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | MmbtuPerDay | 583,152 | [1] |
Weighted Average Hedge Price, Swap | 2.84 | [1] |
2021 Commodity Contract | Natural Gas | Collars | ||
Derivative [Line Items] | ||
Volume Hedged | MmbtuPerDay | 227,391 | [1] |
Weighted average price of hedge, Floor | 2.87 | [1] |
Weighted average price of hedge, Ceiling | 3.42 | [1] |
2021 Commodity Contract | Natural Gas | Three Way Collars | ||
Derivative [Line Items] | ||
Volume Hedged | MmbtuPerDay | 339,457 | [1] |
Weighted Average Hedge Price, Sold Put | 2.26 | [1] |
Weighted average price of hedge, Floor | 2.62 | [1] |
Weighted average price of hedge, Ceiling | 3.04 | [1] |
2021 Commodity Contract | Crude Oil | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 7,500 | |
Weighted Average Hedge Price, Swap | 56.92 | |
2021 Commodity Contract | NGLs (C3-Propane) | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 6,000 | |
Weighted Average Hedge Price, Swap | $ / gal | 1.17 | |
2021 Commodity Contract | NGLs (C3-Propane) | Collars | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 4,000 | |
Weighted average price of hedge, Floor | $ / gal | 1 | |
Weighted average price of hedge, Ceiling | $ / gal | 1.20 | |
2021 Commodity Contract | NGLs (NC4-Normal Butane) | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 2,663 | |
Weighted Average Hedge Price, Swap | $ / gal | 1.17 | |
2021 Commodity Contract | NGLs (NC4-Normal Butane) | Collars | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 2,000 | |
Weighted average price of hedge, Floor | $ / gal | 1 | |
Weighted average price of hedge, Ceiling | $ / gal | 1.20 | |
2021 Commodity Contract | NGLs (C5-Natural Gasoline) | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 2,000 | |
Weighted Average Hedge Price, Swap | $ / gal | 1.41 | |
2021 Commodity Contract | NGLs (C5-Natural Gasoline) | Collars | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 3,000 | |
Weighted average price of hedge, Floor | $ / gal | 1.35 | |
Weighted average price of hedge, Ceiling | $ / gal | 1.55 | |
2022 Commodity Contract | Natural Gas | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | MmbtuPerDay | 382,329 | [1] |
Weighted Average Hedge Price, Swap | 3.11 | [1] |
2022 Commodity Contract | Natural Gas | Collars | ||
Derivative [Line Items] | ||
Volume Hedged | MmbtuPerDay | 213,438 | [1] |
Weighted average price of hedge, Floor | 3.26 | [1] |
Weighted average price of hedge, Ceiling | 3.70 | [1] |
2022 Commodity Contract | Natural Gas | Three Way Collars | ||
Derivative [Line Items] | ||
Volume Hedged | MmbtuPerDay | 251,781 | [1] |
Weighted Average Hedge Price, Sold Put | 2.37 | [1] |
Weighted average price of hedge, Floor | 3.03 | [1] |
Weighted average price of hedge, Ceiling | 3.77 | [1] |
2022 Commodity Contract | Crude Oil | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 5,811 | |
Weighted Average Hedge Price, Swap | 59.59 | |
2023 Commodity Contract | Natural Gas | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | MmbtuPerDay | 60,000 | [1] |
Weighted Average Hedge Price, Swap | 3.27 | [1] |
2023 Commodity Contract | Crude Oil | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 500 | |
Weighted Average Hedge Price, Swap | 63.50 | |
January - March 2022 Commodity Contract | Natural Gas | Calls | ||
Derivative [Line Items] | ||
Volume Hedged | MmbtuPerDay | 80,000 | [1] |
Weighted average price of hedge, Ceiling | 6.02 | [1] |
January - March 2022 Commodity Contract | NGLs (C5-Natural Gasoline) | Swaps | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 2,656 | |
Weighted Average Hedge Price, Swap | $ / gal | 1.59 | |
January - March 2022 Commodity Contract | NGLs (C5-Natural Gasoline) | Collars | ||
Derivative [Line Items] | ||
Volume Hedged | BarrelsPerDay | 2,000 | |
Weighted average price of hedge, Floor | $ / gal | 1.45 | |
Weighted average price of hedge, Ceiling | $ / gal | 1.60 | |
[1] | We also sold natural gas call swaptions of 80,000 Mmbtu/day for 2022 at a weighted average price of $ 2.80 and 70,000 Mmbtu/day for 2023 at a weighted average price of $3.04 |
Derivative Activities - Deriv_2
Derivative Activities - Derivative Volumes Hedged and Average Hedge Prices (Parenthetical) (Detail) - Natural Gas - Call Swaptions | Sep. 30, 2021MmbtuPerDay$ / MMBTU |
2022 Commodity Contract | |
Derivative [Line Items] | |
Volume Hedged | 80,000 |
Weighted average price of hedge | $ / MMBTU | 2.80 |
2023 Commodity Contract | |
Derivative [Line Items] | |
Volume Hedged | 70,000 |
Derivative Activities - Schedul
Derivative Activities - Schedule of Additional Information Related to Master Netting Arrangements with Derivative Counterparties (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | $ 80,043 | $ 74,602 |
Gross Amounts Offset in the Balance Sheet | (26,380) | (34,590) |
Net Amounts of Assets Presented in the Balance Sheet | 53,663 | 40,012 |
Gross Amounts of Recognized (Liabilities) | (797,101) | (71,043) |
Gross Amounts Offset in the Balance Sheet | 26,380 | 34,590 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (770,721) | (36,453) |
Contingent Consideration | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 50,220 | 15,960 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 50,220 | 15,960 |
Commodity | Natural Gas | Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 5,574 | 33,559 |
Gross Amounts Offset in the Balance Sheet | (5,574) | (16,821) |
Net Amounts of Assets Presented in the Balance Sheet | 0 | 16,738 |
Gross Amounts of Recognized (Liabilities) | (359,243) | (10,120) |
Gross Amounts Offset in the Balance Sheet | 5,574 | 16,821 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (353,669) | 6,701 |
Commodity | Natural Gas | Swaptions | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized (Liabilities) | (60,132) | (9,803) |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (60,132) | (9,803) |
Commodity | Natural Gas | Collars | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 193 | 7,016 |
Gross Amounts Offset in the Balance Sheet | (193) | (2,329) |
Net Amounts of Assets Presented in the Balance Sheet | 0 | 4,687 |
Gross Amounts of Recognized (Liabilities) | (93,418) | 0 |
Gross Amounts Offset in the Balance Sheet | 193 | 2,329 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (93,225) | 2,329 |
Commodity | Natural Gas | Three Way Collars | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 2 | 535 |
Gross Amounts Offset in the Balance Sheet | (2) | (6,139) |
Net Amounts of Assets Presented in the Balance Sheet | 0 | (5,604) |
Gross Amounts of Recognized (Liabilities) | (200,479) | (18,353) |
Gross Amounts Offset in the Balance Sheet | 2 | 6,139 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (200,477) | (12,214) |
Commodity | Natural Gas | Basis Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 15,633 | 7,894 |
Gross Amounts Offset in the Balance Sheet | (12,187) | (3,502) |
Net Amounts of Assets Presented in the Balance Sheet | 3,446 | 4,392 |
Gross Amounts of Recognized (Liabilities) | 7,160 | (4,197) |
Gross Amounts Offset in the Balance Sheet | 12,187 | 3,502 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (5,027) | (695) |
Commodity | Natural Gas | Calls | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized (Liabilities) | 10,018 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 10,018 | |
Commodity | Crude Oil | Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 10 | 2,465 |
Gross Amounts Offset in the Balance Sheet | (10) | (829) |
Net Amounts of Assets Presented in the Balance Sheet | 0 | 1,636 |
Gross Amounts of Recognized (Liabilities) | 34,274 | (5,471) |
Gross Amounts Offset in the Balance Sheet | 10 | 829 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 34,264 | (4,642) |
Commodity | NGLs (C3-Propane) | Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized (Liabilities) | (6,140) | (8,243) |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (6,140) | (8,243) |
Commodity | NGLs (C3-Propane) | Collars | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 0 | |
Gross Amounts Offset in the Balance Sheet | (107) | |
Net Amounts of Assets Presented in the Balance Sheet | (107) | |
Gross Amounts of Recognized (Liabilities) | (3,787) | (3,086) |
Gross Amounts Offset in the Balance Sheet | 0 | 107 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (3,787) | (2,979) |
Commodity | NGLs (C3-Propane) | Spread Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 8,367 | 4,863 |
Gross Amounts Offset in the Balance Sheet | (8,367) | (4,863) |
Net Amounts of Assets Presented in the Balance Sheet | 0 | 0 |
Gross Amounts of Recognized (Liabilities) | (7,973) | (4,069) |
Gross Amounts Offset in the Balance Sheet | 8,367 | 4,863 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | 394 | 794 |
Commodity | NGLs (NC4-Normal Butane) | Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized (Liabilities) | (3,991) | (651) |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (3,991) | (651) |
Commodity | NGLs (NC4-Normal Butane) | Collars | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized (Liabilities) | (2,797) | (401) |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (2,797) | (401) |
Commodity | NGLs (C5-Natural Gasoline) | Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 17 | |
Gross Amounts Offset in the Balance Sheet | 17 | |
Net Amounts of Assets Presented in the Balance Sheet | 0 | |
Gross Amounts of Recognized (Liabilities) | (3,908) | (4,897) |
Gross Amounts Offset in the Balance Sheet | 17 | 0 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (3,891) | (4,897) |
Commodity | NGLs (C5-Natural Gasoline) | Collars | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized (Liabilities) | (3,728) | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (3,728) | |
Commodity | NGLs (C5-Natural Gasoline) | Calls | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized (Liabilities) | (546) | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of (Liabilities) Presented in the Balance Sheet | (546) | |
Freight | Swaps | ||
Derivative [Line Items] | ||
Gross Amounts of Recognized Assets | 27 | 2,310 |
Gross Amounts Offset in the Balance Sheet | 30 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | (3) | 2,310 |
Gross Amounts of Recognized (Liabilities) | (53) | (1,206) |
Gross Amounts Offset in the Balance Sheet | 30 | 0 |
Net Amounts of (Liabilities) Presented in the Balance Sheet | $ (23) | $ (1,206) |
Derivative Activities - Effects
Derivative Activities - Effects of Derivatives on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Derivative Fair Value (Loss) Income | $ (652,220) | $ (124,690) | $ (959,782) | $ 102,182 |
Contingent Consideration | ||||
Derivative [Line Items] | ||||
Derivative Fair Value (Loss) Income | 12,870 | 430 | 34,260 | 430 |
Swaptions | ||||
Derivative [Line Items] | ||||
Derivative Fair Value (Loss) Income | (33,718) | (14,166) | (50,329) | (15,520) |
Three Way Collars | ||||
Derivative [Line Items] | ||||
Derivative Fair Value (Loss) Income | (173,344) | (20,705) | (226,176) | (38,267) |
Collars | ||||
Derivative [Line Items] | ||||
Derivative Fair Value (Loss) Income | (106,340) | (16,893) | (158,562) | (14,336) |
Calls | ||||
Derivative [Line Items] | ||||
Derivative Fair Value (Loss) Income | (10,018) | (255) | (10,793) | (12) |
Basis Swaps | ||||
Derivative [Line Items] | ||||
Derivative Fair Value (Loss) Income | (8,469) | 15,587 | 11,054 | 31,750 |
Commodity | Swaps | ||||
Derivative [Line Items] | ||||
Derivative Fair Value (Loss) Income | (332,855) | (91,425) | (558,186) | 142,413 |
Freight | Swaps | ||||
Derivative [Line Items] | ||||
Derivative Fair Value (Loss) Income | $ (346) | $ 2,737 | $ (1,050) | $ (4,276) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | $ 66,833,000 | $ 63,942,000 |
Fair Value, Recurring | Commodity | Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (401,955,000) | 6,642,000 |
Fair Value, Recurring | Commodity | Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (103,537,000) | 3,529,000 |
Fair Value, Recurring | Commodity | Calls | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (10,018,000) | (546,000) |
Fair Value, Recurring | Commodity | Basis Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 8,867,000 | 4,491,000 |
Fair Value, Recurring | Commodity | Swaptions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (60,132,000) | (9,803,000) |
Fair Value, Recurring | Commodity | Three Way Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (200,477,000) | (17,818,000) |
Fair Value, Recurring | Freight | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (26,000) | 1,104,000 |
Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 34,300 | |
Contingent Consideration | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 50,220,000 | 15,960,000 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 66,833,000 | 63,942,000 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Calls | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Basis Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Swaptions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Commodity | Three Way Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Fair Value, Recurring | Freight | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 1 | Contingent Consideration | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 0 | 0 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (401,955,000) | 6,642,000 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (93,225,000) | 7,016,000 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Calls | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (10,018,000) | 0 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Basis Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 8,867,000 | 4,491,000 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Swaptions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Commodity | Three Way Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (200,477,000) | (17,818,000) |
Fair Value, Inputs, Level 2 | Fair Value, Recurring | Freight | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (26,000) | 1,104,000 |
Fair Value, Inputs, Level 2 | Contingent Consideration | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 50,220,000 | 15,960,000 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Trading securities held in the deferred compensation plans | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (10,312,000) | (3,487,000) |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Calls | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (546,000) | |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Basis Swaps | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Swaptions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | (60,132,000) | (9,803,000) |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Commodity | Three Way Collars | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Recurring | Freight | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | 0 | 0 |
Fair Value, Inputs, Level 3 | Contingent Consideration | Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets liabilities at fair value net | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)Counterparty | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Implied volatilities | 42.00% | |||||
Interest and dividends | $ 314,000 | $ 114,000 | $ 541,000 | $ 385,000 | ||
Mark-to-market gain (loss) | (1,200,000) | 3,200,000 | 3,100,000 | $ 234,000,000 | ||
Impairment of proved properties and other assets | 0 | |||||
Allowance for doubtful accounts on accounts receivable | 373,000 | $ 373,000 | $ 3,004,000 | |||
Number of derivative counterparties | Counterparty | 19 | |||||
Number of counter parties that are not participants in bank credit facility | Counterparty | 5 | |||||
One Counterparty Not in Facility | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Net derivative asset | 9,200,000 | $ 9,200,000 | ||||
Four Counterparties Not in Facility | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Net derivative asset | $ 2,400,000 | 2,400,000 | ||||
Fair Value, Inputs, Level 2 | Leases | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Impairment of proved properties and other assets | $ 2,000,000 | |||||
North Louisiana | Fair Value, Inputs, Level 2 | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Impairment of proved properties and other assets | $ 77,000,000 | |||||
Maximum | North Louisiana | Contingent Consideration | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Potential contractual payout of contingent consideration | $ 75,000,000 | |||||
Measurement Input, Price Volatility | Weighted Average | Swaptions | Natural Gas | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Implied volatilities | 40.00% | |||||
Measurement Input, Price Volatility | Minimum | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Implied volatilities | 36.00% | |||||
Measurement Input, Price Volatility | Maximum | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Implied volatilities | 55.00% |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of the Beginning and Ending Balances for Derivative Instruments Classified as Level 3 in the Fair Value Hierarchy (Detail) - Fair Value, Inputs, Level 3 $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance at December 31, 2020 | $ (13,836) |
Total losses included in earnings | (42,974) |
Additions | (23,385) |
Settlements | 5,177 |
Transfers out of Level 3 | 4,574 |
Balance at September 30, 2021 | $ (70,444) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Reported Value Measurement | |||
Assets: | |||
Commodity swaps, collars and basis swaps | $ 3,443 | $ 24,052 | |
Marketable securities | [1] | 66,833 | 63,942 |
(Liabilities): | |||
Commodity swaps, collars and basis swaps | (770,721) | (36,453) | |
Bank credit facility | [2] | (30,000) | (702,000) |
Deferred compensation plan | [3] | (184,882) | (96,563) |
Reported Value Measurement | Contingent Consideration | |||
Assets: | |||
Commodity swaps, collars and basis swaps | 50,220 | 15,960 | |
Estimate of Fair Value Measurement | |||
Assets: | |||
Commodity swaps, collars and basis swaps | 3,443 | 24,052 | |
Marketable securities | [1] | 66,833 | 63,942 |
(Liabilities): | |||
Commodity swaps, collars and basis swaps | (770,721) | (36,453) | |
Bank credit facility | [2] | (30,000) | (702,000) |
Deferred compensation plan | [3] | (184,882) | (96,563) |
Estimate of Fair Value Measurement | Contingent Consideration | |||
Assets: | |||
Commodity swaps, collars and basis swaps | 50,220 | 15,960 | |
5.75% Senior Notes Due 2021 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | 0 | (25,496) |
5.75% Senior Notes Due 2021 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | 0 | (25,474) |
5.00% Senior Notes Due 2022 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (169,589) | (169,589) |
5.00% Senior Notes Due 2022 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (172,667) | (170,128) |
5.875% Senior Notes Due 2022 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (48,528) | (48,528) |
5.875% Senior Notes Due 2022 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (49,383) | (48,471) |
Other Senior Notes Due 2022 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | 0 | (490) |
Other Senior Notes Due 2022 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | 0 | (490) |
5.00% Senior Notes Due 2023 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (532,335) | (532,335) |
5.00% Senior Notes Due 2023 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (552,463) | (521,699) |
4.875% Senior Notes Due 2025 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (750,000) | (750,000) |
4.875% Senior Notes Due 2025 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (791,715) | (707,918) |
9.25% Senior Notes Due 2026 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (850,000) | (850,000) |
9.25% Senior Notes Due 2026 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (926,832) | (888,208) |
5.75% Senior Subordinated Notes Due 2021 | Reported Value Measurement | |||
(Liabilities): | |||
Subordinated debt | [2] | 0 | (19,896) |
5.75% Senior Subordinated Notes Due 2021 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Subordinated debt | [2] | 0 | (19,589) |
5.00% Senior Subordinated Notes Due 2022 | Reported Value Measurement | |||
(Liabilities): | |||
Subordinated debt | [2] | 0 | (9,730) |
5.00% Senior Subordinated Notes Due 2022 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Subordinated debt | [2] | 0 | (9,247) |
8.25% senior notes due 2029 | Reported Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (600,000) | 0 |
8.25% senior notes due 2029 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Senior notes | [2] | (674,994) | 0 |
5.00% Senior Subordinated Notes Due 2023 | Reported Value Measurement | |||
(Liabilities): | |||
Subordinated debt | [2] | 0 | (7,712) |
5.00% Senior Subordinated Notes Due 2023 | Estimate of Fair Value Measurement | |||
(Liabilities): | |||
Subordinated debt | [2] | $ 0 | $ (6,604) |
[1] | Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. | ||
[2] | The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes and our senior subordinated notes is based on end of period market quotes which are Level 2 inputs. | ||
[3] | The fair value of our deferred compensation plan is updated to the closing price on the balance sheet date which is a Level 1 input. |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail) | Sep. 30, 2021 | Dec. 31, 2020 |
5.75% Senior Notes Due 2021 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.75% | 5.75% |
5.00% Senior Notes Due 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
5.875% Senior Notes Due 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.875% | 5.875% |
5.00% Senior Notes Due 2023 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
4.875% Senior Notes Due 2025 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 4.875% | 4.875% |
9.25% Senior Notes Due 2026 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 9.25% | 9.25% |
5.75% Senior Subordinated Notes Due 2021 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.75% | 5.75% |
8.25% senior notes due 2029 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 8.25% | 8.25% |
5.00% Senior Subordinated Notes Due 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
5.00% Senior Subordinated Notes Due 2023 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate on notes | 5.00% | 5.00% |
Stock-based Compensation Plan_2
Stock-based Compensation Plans - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Plans | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Active equity-based stock plans | 2 |
Stock-based Compensation Plan_3
Stock-based Compensation Plans - Allocation of Stock-Based Compensation by Functional Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 10,978 | $ 9,322 | $ 32,073 | $ 28,697 |
Direct Operating Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 319 | (74) | 986 | 810 |
Brokered Natural Gas and Marketing Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 446 | 324 | 1,339 | 905 |
Exploration Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 368 | 189 | 1,116 | 891 |
General and Administrative Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 9,845 | 6,863 | 28,632 | 24,071 |
Termination Costs | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 2,020 | $ 0 | $ 2,020 |
Stock-based Compensation Plan_4
Stock-based Compensation Plans - Additional Information 1 (Detail) shares in Thousands | 9 Months Ended |
Sep. 30, 2021Awardshares | |
Restricted Stock Equity Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Performance Share | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of awards available for grant | 3 |
Method of measuring cost of award | In first quarter 2021, our internal performance metrics were changed to focus on debt reduction and to include an environmental component. For shares granted in first quarter 2021, the performance conditions will be measured against internal metrics of Debt/EBITDAX (earnings before interest, taxes, depreciation, amortization and exploration expense) and emission intensity performance. These shares will vest at the end of three years and the three-year performance target was set in first quarter 2021. |
Performance Share | Common Stock | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of share value each unit represents at grant date | shares | 1 |
Performance Based TSR - PSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Number of awards available for grant | 1 |
Performance Based TSR - PSUs | Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 0.00% |
Performance Based TSR - PSUs | Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 200.00% |
Performance-based PS-PSUs and RS-PSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Number of awards available for grant | 2 |
Stock-based Compensation Plan_5
Stock-based Compensation Plans - Additional Information 2 (Detail) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 2,340,114 | 4,500,000 |
Granted, weighted average grant date fair value | $ 10.20 | $ 3.42 |
Vesting period | 3 years | |
Stock-based compensation expense | $ 15 | $ 13.4 |
Restricted Stock Liability Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 1,288,729 | |
Granted, weighted average grant date fair value | $ 9.55 | |
Stock-based compensation expense | $ 8.4 | $ 7.9 |
Restricted Stock Liability Awards | Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 1,200,000 | 3,300,000 |
Granted, weighted average grant date fair value | $ 9.30 | $ 3.03 |
Vesting period | 3 years | 3 years |
Restricted Stock Liability Awards | Non employee directors | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 102,000 | 217,000 |
Granted, weighted average grant date fair value | $ 12.49 | $ 5.38 |
Vesting period | 1 year | 1 year |
Stock-based Compensation Plan_6
Stock-based Compensation Plans - Restricted Stock and Restricted Stock Units Outstanding (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted Stock Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | 2,815,860 | |
Granted | 2,340,114 | 4,500,000 |
Vested | (1,820,011) | |
Forfeited | (79,732) | |
Outstanding, Ending Balance | 3,256,231 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ 4.97 | |
Granted, weighted average grant date fair value | 10.20 | $ 3.42 |
Vested and issued, weighted average grant date fair value | 7.37 | |
Forfeited, weighted average grant date fair value | 6.30 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ 7.36 | |
Restricted Stock Liability Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | 1,186,636 | |
Granted | 1,288,729 | |
Vested | (1,316,542) | |
Forfeited | 0 | |
Outstanding, Ending Balance | 1,158,823 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ 4.18 | |
Granted, weighted average grant date fair value | 9.55 | |
Vested and issued, weighted average grant date fair value | 6.98 | |
Forfeited, weighted average grant date fair value | 0 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ 6.98 |
Stock-based Compensation Plan_7
Stock-based Compensation Plans - Additional Information 3 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation (income) expense | $ 10,978 | $ 9,322 | $ 32,073 | $ 28,697 |
Performance-based PS-PSUs and RS-PSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Performance Share | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation (income) expense | $ 3,800 | 2,300 | ||
Performance Based TSR - PSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Stock-based compensation expense | $ 1,900 | $ 1,900 |
Stock-based Compensation Plan_8
Stock-based Compensation Plans - Internal Performance Activities (Detail) - Performance-based Internal Performance Awards | 9 Months Ended | |
Sep. 30, 2021$ / sharesshares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Beginning Balance | shares | 1,099,102 | |
Granted | shares | 303,231 | [1] |
Vested and issued | shares | (306,978) | [2] |
Forfeited | shares | 0 | |
Outstanding, Ending Balance | shares | 1,095,355 | |
Outstanding, Beginning Balance, weighted average grant date fair value | $ / shares | $ 5.92 | |
Granted, weighted average grant date fair value | $ / shares | 9.81 | |
Vested and issued, weighted average grant date fair value | $ / shares | 12.20 | |
Forfeited, weighted average grant date fair value | $ / shares | 0 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ / shares | $ 7.80 | |
[1] | Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 200 % depending on achievement of specifically identified performance targets. Units granted in first quarter 2021 were to our CEO, CFO and COO only. | |
[2] | For certain of the PS-PSUs and RS-PSUs awards issued during 2018 the aggregate payout was approximately 137 % of target for the March 2018 grants with a positive performance adjustment of 290,140 shares. |
Stock-based Compensation Plan_9
Stock-based Compensation Plans - Internal Performance Activities (Parenthetical) (Detail) - Performance-based PS-PSUs and RS-PSUs - shares | 1 Months Ended | 9 Months Ended | |
Mar. 31, 2018 | Sep. 30, 2021 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares vested and issued related to performance period number of common stock | [1] | 306,978 | |
March 2018 Grant | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Actual payout of shares | 137.00% | ||
Shares vested and issued related to performance period number of common stock | 290,140 | ||
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Potential payout of shares granted | 0.00% | ||
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Potential payout of shares granted | 200.00% | ||
[1] | For certain of the PS-PSUs and RS-PSUs awards issued during 2018 the aggregate payout was approximately 137 % of target for the March 2018 grants with a positive performance adjustment of 290,140 shares. |
Stock-based Compensation Pla_10
Stock-based Compensation Plans - Valuation Assumptions for Grant Date Fair Value of Performance Awards (Detail) - Performance Shares - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 0.20% | 1.40% |
Expected annual volatility | 75.00% | 65.00% |
Grant date fair value per unit | $ 12.58 | $ 3.85 |
Stock-based Compensation Pla_11
Stock-based Compensation Plans - TSR - PSUs Activities (Detail) - Performance Based TSR - PSUs | 9 Months Ended | |
Sep. 30, 2021$ / sharesshares | ||
Summary of Performance Share Unit Awards outstanding, Number of Units | ||
Outstanding, Beginning Balance | shares | 1,249,524 | |
Granted | shares | 223,687 | [1] |
Vested and issued | shares | (325,217) | [2] |
Forfeited | shares | 0 | |
Outstanding, Ending Balance | shares | 1,147,994 | |
Summary of Performance Share Unit Awards outstanding, Weighted Average Grant Date Fair Value | ||
Outstanding, Beginning Balance, weighted average grant date fair value | $ / shares | $ 9.55 | |
Granted, weighted average grant date fair value | $ / shares | 12.58 | |
Vested and issued, weighted average grant date fair value | $ / shares | 18.51 | |
Forfeited, weighted average grant date fair value | $ / shares | 0 | |
Outstanding, Ending Balance, weighted average grant date fair value | $ / shares | $ 7.60 | |
[1] | These amounts reflect the number of performance units granted. The actual payout of shares may be between zero and 200 % of the performance units granted depending on the total shareholder return ranking compared to our peer companies at the vesting date. | |
[2] | Includes TSR-PSUs awards issued related to the 2018 performance period where the return on our common stock was negative and therefore, the performance multiple and actual payout was reduced to 100 %. |
Stock-based Compensation Pla_12
Stock-based Compensation Plans - TSR - PSUs Activities (Parenthetical) (Detail) - Performance Based TSR - PSUs | 9 Months Ended |
Sep. 30, 2021 | |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 0.00% |
Minimum | March 2018 Grant | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 100.00% |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Potential payout of shares granted | 200.00% |
Stock-based Compensation Pla_13
Stock-based Compensation Plans - Additional Information 4 (Detail) - USD ($) shares in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Deferred compensation plan vesting period | 3 years | ||||
Deferred compensation plan | $ 34,278,000 | $ 6,237,000 | $ 89,551,000 | $ 10,287,000 | |
Shares held in rabbi trust total | 6.4 | 6.4 | 6.1 | ||
Vested shares held in rabbi trust | 5.3 | 5.3 | 5 | ||
Post-Retirement Medical Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated prior service cost amortized from accumulated other comprehensive income into general and administrative expense | $ 90,000 | $ 90,000 | $ 275,000 | $ 275,000 |
Exit and Termination Costs - Ad
Exit and Termination Costs - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring Charges | $ 11,789 | $ 521,633 | $ 9,557 | $ 533,525 | |||
Severance costs | 0 | 4,191 | 509 | 5,638 | |||
Workforce Reduction | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Severance costs | 3,700 | ||||||
North Louisiana | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Accretion expense | 36,600 | ||||||
Exit cost | 426,600 | ||||||
Restructuring Charges | $ 28,200 | ||||||
Severance costs | 2,500 | ||||||
Pennsylvania | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Exit cost | $ 186 | $ 233 | $ 10,400 | 580 | $ 10,678 | ||
Pennsylvania | Capacity Releases on Transportation Pipelines | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Exit cost | $ 7,900 | ||||||
Northwest Pennsylvania | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Severance costs | $ 1,600 |
Exit and Termination Costs - Su
Exit and Termination Costs - Summary of Exit and Termination Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Cost And Reserve [Line Items] | |||||
Severance costs | $ 0 | $ 4,191 | $ 509 | $ 5,638 | |
One-time minimum volume commitment contract payment | 0 | 28,500 | 0 | 28,500 | |
Stock-based compensation | 0 | 2,020 | 0 | 2,020 | |
Total termination costs | 11,789 | 521,633 | 9,557 | 533,525 | |
Pennsylvania | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Exit cost | 186 | 233 | $ 10,400 | 580 | 10,678 |
North Louisiana Contract Release | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Exit cost | $ 11,603 | $ 486,689 | $ 8,468 | $ 486,689 |
Exit and Termination Costs - Ex
Exit and Termination Costs - Exit and Termination Costs Included in Accrued Liabilities in Consolidated Balance Sheet - (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Exit costs included in accrued liabilities in consolidated balance sheet | |||||
Accrued severance costs | $ 0 | $ 4,191 | $ 509 | $ 5,638 | |
Exit Costs | |||||
Exit costs included in accrued liabilities in consolidated balance sheet | |||||
Beginning balance | [1] | 493,543 | |||
Accrued severance costs | [1] | 0 | |||
Accretion of discount | [1] | 37,213 | |||
Divestiture contract obligations - changes in estimate | [1] | (28,165) | |||
Payments | [1] | (68,152) | |||
Ending balance | [1] | 434,439 | 434,439 | ||
Termination Costs | |||||
Exit costs included in accrued liabilities in consolidated balance sheet | |||||
Beginning balance | 1,454 | ||||
Accrued severance costs | 509 | ||||
Accretion of discount | 0 | ||||
Divestiture contract obligations - changes in estimate | 0 | ||||
Payments | (1,695) | ||||
Ending balance | $ 268 | $ 268 | |||
[1] | Includes the divestiture contract obligation and the transportation contract capacity release obligation. |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Oct. 31, 2019 |
Class Of Stock Disclosures [Abstract] | |||
Authorized capital stock | 485,000,000 | ||
Common stock, shares authorized | 475,000,000 | 475,000,000 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Stock repurchase program, authorized amount | $ 100,000,000 |
Capital Stock - Schedule of Cha
Capital Stock - Schedule of Changes in Number of Common Shares Outstanding (Detail) - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | ||
Beginning balance | 246,348,092 | 249,630,803 |
Restricted stock grants | 1,293,126 | 3,390,358 |
Treasury shares | 3,149 | (8,197,662) |
Ending balance | 249,784,358 | 246,348,092 |
Restricted Stock | ||
Class Of Stock [Line Items] | ||
Restricted stock units vested | 1,485,557 | 1,226,473 |
Performance Share | ||
Class Of Stock [Line Items] | ||
Performance stock units issued | 640,468 | 279,420 |
Performance stock dividends | 13,966 | 18,700 |
Capital Stock - Schedule of C_2
Capital Stock - Schedule of Change in Treasury Shares (Detail) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Stockholders Equity Note [Abstract] | ||
Beginning balance | 10,005,504 | 10,005,795 |
Rabbi trust shares distributed/sold | (2,858) | (3,149) |
Shares repurchased | 0 | 0 |
Ending balance | 10,002,646 | 10,002,646 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Net cash provided from operating activities included: | |||
Income taxes refunded from taxing authorities | $ 2,661 | $ 343 | |
Interest paid | (175,195) | (145,319) | |
Non-cash investing and financing activities included: | |||
Increase in asset retirement costs capitalized | 2,879 | 4,587 | $ 2,610 |
Increase (decrease) in accrued capital expenditures | $ 11,373 | $ (38,942) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Feb. 10, 2021USD ($) |
Pennsylvania Department of Environmental Protection (“PDEP”) | |
Commitments And Contingencies Disclosure [Line Items] | |
Penalty amount paid | $ 294,000 |
Suspended Exploratory Well Co_3
Suspended Exploratory Well Costs - Schedule Of Changes In Capitalized Exploratory Well Costs (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Capitalized Exploratory Well Costs [Abstract] | |
Capitalized Exploratory Well Costs, Beginning Balance | $ 7,709 |
Capitalized Exploratory Well Cost, Additions Pending Determination of Proved Reserves | 6,299 |
Reclassification to Well, Facilities, and Equipment Based on Determination of Proved Reserves | (14,008) |
Capitalized Exploratory Well Cost, Charged to Expense | 0 |
Capitalized Exploratory Well Costs, Ending Balance | 0 |
Capitalized Exploratory Well Costs that Have Been Capitalized for Period of One Year or Less | 0 |
Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year | $ 0 |
Costs Incurred for Property A_3
Costs Incurred for Property Acquisition, Exploration and Development (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Acquisitions: | |||
Acreage purchases | $ 14,014 | $ 26,166 | |
Development | 298,300 | 369,093 | |
Gas gathering facilities: | |||
Development | 2,846 | 3,694 | |
Subtotal | 337,906 | 439,317 | |
Asset retirement obligations | 2,879 | $ 4,587 | 2,610 |
Total costs incurred | 340,785 | 441,927 | |
Exploration Expense | |||
Exploration: | |||
Drilling | 6,299 | 7,709 | |
Expense | 15,331 | 31,376 | |
Stock-based compensation expense | $ 1,116 | $ 1,279 |